Financial News and Portfolio Management Discussion through January 30th

All the news you need to stay informed about what’s currently driving the market — courtesy of Raffa Wealth Management, LLC.

Global stocks posted their worst week since October on concerns over new developments with the coronavirus. The S&P 500 and Dow sank 3.3% for the week.  Abroad, the FTSE All World Ex US dropped 3.7% for the week.  The yield on the 10-year Treasury was flat for the week ending at 1.11%.

Several individual stocks surged over the week aided by individual investors.  GameStop gained 400% and AMC jumped 278%.

US consumer confidence rose in January.

The Fed concluded its January meeting keeping all its supportive policies in place, saying the economy has cooled off more recently as a result of the upswing in COVID-19 cases.

Weekly jobless claims declined to 847,000.

Fourth quarter GDP grew 4%, slightly below expectations.

US household income rose in December for the first time in three months.

US consumer spending fell 0.2% for the second straight month, but topped expectations.

With nearly a third of S&P 500 firms reporting earnings to date, 81% have topped expectations.

There is no guarantee that any investment strategy, including those described here, will be successful. Any investment or investment strategy can lose money. Past performance does not guarantee or predict future results. You should not assume that any discussion or information contained in this newsletter serves as the receipt of, or as a substitute for, personalized investment advice from Raffa Wealth Management, LLC. This information was gathered from reliable sources but we cannot guarantee accuracy. Indexes do not reflect the fees associated with actual investments and such fees would reduce the performance illustrated.
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