Financial News and Portfolio Management Discussion through July 21st

US stocks were relatively flat for the week as solid earnings reports were not enough to drive the market higher.  The S&P 500 gained 0.2% and the Dow edged up 0.1% for the week.  Internationally, Japan rose 0.4% and Europe ticked up 0.2% for the week.  The yield on the 10-year Treasury rose over the week to finish at 2.90%, its highest level in a month.  Article

Retail sales rose 0.5% in June over May and May was revised higher from 0.8% to 1.3%.

Manufacturing output rose 0.8% in June after a decline in May.

In testimony before congress Fed Chief Powell gave a rosy assessment of the economy and said the Fed planned to continue to raise rates gradually.  However, if trade tensions escalated he said it could be a drag on the economy.

Initial jobless claims fell to 207,000 last week, the lowest level since 1969.

Corporations are warning that the stronger dollar will likely have an impact on future earnings.

The EU fined Google $5 billion in an antitrust penalty, saying it abused its dominance with its Android operating system.  Article

S&P 500 firms are on pace to post their second fastest rate of earnings growth since 2010 in the second quarter.



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