Financial News and Portfolio Management Discussion through July 13th

The S&P 500 climbed over 3,000 and Dow rose above 27,000, new record highs, driven by comments from fed Chair Powell that the fed will likely cut the Fed Funds Rate. The S&P 500 rose 0.8% and the Dow gained 1.5% for the week. Abroad, Europe fell 0.8% and Japan eased 0.3% for the week.  Oil rose 4.5% over the week to end at $60.21 a barrel.  The yield on the 10-year Treasury rose to finish the week at 2.11%.

In testimony before Congress, Fed Chairmen Powell made statements that a Fed Funds rate cut is likely at their next meeting later this month to help cushion the economy from slowing global growth and trade policy uncertainty.

CPI rose 0.1% in June, while core inflation rose faster than expected 0.3% in June.  It was the largest monthly increase since January 2018.  For the year core inflation has gained 2.1%.

Eurozone industrial production rose sharply in May.

Deutsche Bank announced it was cutting 18,000 jobs and focusing on its German banking roots in a significant retreat from its global focus.

The FTC voted to fine Facebook $5 billion to settle a probe into the companies handling of users’ privacy.

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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