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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