Financial News and Portfolio Management Discussion through July 18th

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

Global stocks posted another week of gains on an agreement with Greece and its creditors and positive earnings news.  The S&P 500 gained 2.4% and the Dow rose 1.8% for the week.  The tech heavy Nasdaq driven by Google hit an all time high on Friday and rose 4.3% for the week.  Abroad, Japan surged 4.4% and Europe jumped 4.3% for the week.  The yield on the 10 year Treasury retreated ending the week at 2.35%.  Article

Greece’s parliament formally approved the severe austerity measures required to receive the new bailout package.  Article

US retail sales fell 0.3% from May in June and the previous two month’s estimates were revised down as well.  While choppy, the overall trend has shown improvement. Article

China’s growth remained at 7% in the second quarter.  It’s in line with the target for the year and above estimates of 6.8%. Article

In testimony before congress Fed Chairwomen Yellen said the Fed remained on track to raise interest rates this year.

The CPI rose 0.3% in June from May and is up 0.1% from a year earlier.  Core prices rose 0.2% in June and 1.8% from a year ago.

Home construction jumped 9.8% In June driven by multifamily buildings, outpacing projections.

Chinese state owned firm Tsinghua Unigroup offered to purchase Micron Technology for $23 billion.

JP Morgan, Intel, Netflix, Citigroup, Goldman Sachs, Google, GE and Honeywell all posted earnings reports that beat expectations.



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