Financial News and Portfolio Management Discussion through July 24th

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

US stocks ended the week at new record highs on a strong start to earnings season. The S&P 500 climbed 2.0% and Dow rose 1.1% for the week. Abroad, the FTSE All World Ex US was down 0.5% for the week. The yield on the 10-year Treasury was flat over the week ending at 1.30%.

Of the 110 S&P 500 companies to report earnings to date, 85% have beaten analyst forecasts.

OPEC and Russia led oil producers agreed to restore all the cuts that were made to production during the pandemic with plan to gradually ramp up production.

Initial jobless claims rose to 419,000 when a decline was expected.

The ECB left their benchmark interest rate unchanged after their meeting and said they would keep the benchmark rate at or below its current level until they see inflation stabilize around 2%.

In June, median US home prices reached another record rising 23% from a year ago.

US business activity continued to expand in July, but at a slower pace.

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 in this newsletter 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.
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