Financial News and Portfolio Management Discussion through July 9th

US stocks rallied for the week with all three major indexes posting gains. The S&P 500 gained 1.9% for the week and the Dow rose 0.8% for the week. Foreign markets also posted gains with the FTSE All World Ex US up 0.9% for the week. US crude fell to $104.79 per barrel down from $108.43 the week prior. The yield on the 10-year Treasury rose to 3.10% up from 2.90% the week prior.

Minutes from the June Fed meeting show officials agreed they would have to raise interest rates faster and high enough to slow economic growth because of the worsening inflation picture. Officials have indicated they accept the risks of causing a recession because they are determined to prevent sustained high inflation.

The U.S. economy added 372,000 jobs in June above the 250,000 estimate. The unemployment rate was in line with estimates holding steady at 3.6%. Average hourly earnings rose 5.1% from a year ago, slightly above estimates.

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 herein 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. Source: FMG Suite, LLC.
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