Financial News and Portfolio Management Discussion through July 20th

Global stocks continued to gain over the week on optimism over business reopenings and hopes for more fiscal stimulus. The S&P 500 rose 1.2% and the Dow gained 2.3% for the week.  Abroad, the FTSE All World Ex US was up 1.0% for the week.  The yield on the 10-year Treasury was flat for the week ending at 0.63%.

California announced it was rolling back its reopening plans as infections have soared.

Fed Governor Kaplan said he believes economic growth is cooling as the coronavirus has surged in recent weeks.

The CPI rose 0.6% in June from a year ago after falling over the last three months.  Core prices rose 1.2%.

China was the first major economy to post growth after the pandemic rising 3.2% in the second quarter.

US jobless claims for the past week showed 1.3 million people applied for unemployment, continuing the trend of slowing, but still high filings.

US retail sales rose 7.5% in June, topping expectations.

Chinese retails sales fell 1.8% in June from a year earlier while economists had projected growth.

The average rate of a 30-year fixed rate mortgage dropped to 2.98%, its lowest level ever.

With 10% of S&P 500 companies reporting earnings 78% have topped revenue estimates.

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