Financial News and Portfolio Management Discussion through January 9th

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

US stocks ended the week at a new record high on optimism over vaccines for COVID-19 and the potential for additional stimulus due to Democrats controlling congress and weaker job numbers.  The S&P 500 gained 1.8% and the Dow rose 1.6% for the week.  Abroad, the FTSE All World Ex US was up 1.9% for the week.  The yield on the 10-year Treasury surged over the week to reach its highest level since March.  It ended the week at 1.13% up from 0.93%.

The December jobs reports showed that COVID-19 is weighing on the job market as the US lost 140,000 jobs in December.  The unemployment rate held steady at 6.7%.

Factories in the US, Asia, and Europe increased their output in December pointing to a strong manufacturing sector.  US manufacturing activity hit its highest level in two years.

US auto sales ended the year on a strong note.

Saudi Arabia announced it would cut oil production by 1 million barrels a month starting next month as it’s grown concerned over a resurgent coronavirus.

Weekly jobless claims edged down slightly to 787,000 over the past week.

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 herein 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. Source: FMG Suite, LLC.
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