All the news you need to stay informed about what’s currently driving the market – courtesy of Raffa Wealth Management, LLC.
US Stocks rose over the week on the news the Fed won’t raise rates sharply and the pace of rate increases would be slower than previously expected. The S&P 500 and Dow rose 0.7 % for the week. Internationally, Europe sank 1.0% on Greece news and Japan was down 1.1% for the week. The 10 year Treasury yield ended the week at 2.27% down 0.12 percentage points over concerns about the Greece negotiations. Article
Greece and its creditors were still well divided on a new bailout deal with a June 30th deadline fast approaching.
The Fed indicated that they would likely raise interest rates later in the year, but they would move more cautiously with future rate increases than previously expected. Based on the Fed’s projections they expect the Fed fund rate to be below 3% in December 2017, well below historical norms. Article
US home builders filing for building permits shot up 12% in May to the highest rate in almost 8 years.
US consumer prices had their largest monthly jump in over two years rising 0.4% in May. Excluding more volatile food and energy prices, the core CPI rose 0.1% to 1.7% for the past year. Article
Ryland and Standard Pacific agreed to a $5.2 billion merger to create the 4th largest home builder in the US.
Oracle posted a larger than expected sales decline in their latest quarter end and missed profit forecasts.
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