Financial News and Portfolio Management Discussion through July 3rd

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 positive economic news. The S&P 500 was up 1.7% and Dow advanced 1.0% for the week. Abroad, the FTSE All World Ex US fell 1.2% for the week. The yield on the 10-year Treasury fell over the week to end at 1.44%, its lowest level since early March. Oil prices ended the week at $75.16, their highest level since 2018.

The June jobs reports showed employers added 850,000 jobs over the month beating expectations. It was the largest increase in 10 months. The unemployment rate ticked up from 5.8% to 5.9% due to more Americans entering the labor pool.

New weekly unemployment filings fell to 364,000 hitting a new pandemic low.

June auto sales remained strong though cooled from earlier in the quarter due to limited supply. The average sales price hit a record.

OPEC and other oil producers failed to reach an agreement on increasing oil supply.

Consumers spending rose 0.7% in May and April was revised up to 0.9% from 0.5% as consumers opened their wallets.

Consumer confidence rose in June.

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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