All the news you need to stay informed about what’s currently driving the market – courtesy of Raffa Wealth Management, LLC.
Global stocks powered to another weekly gain on positive economic news. The S&P 500 rose 2.7% while the Dow gained 2.2% for the week. Internationally, Europe rose 3.1% and Japan soared 5.1% for the week. The yield on the 10 year Treasury rose to 1.88% as investors moved away from safe havens. It’s the highest level since January. Oil also rose close to 10% for the week to finish at $35.92 a barrel. Article
US employers added 242,000 jobs in February and January and December were revised up 30,000. The unemployment rate held steady at 4.9% while labor force participation rose to its highest level in a year. However, wage growth eased growing at a 2.2% rate. Article
US manufacturing posted its best reading since September, US auto sales rose and construction spending rose in January. Article
Pending home sales fell 2.5% in January due to higher prices and less inventory.
Japan issued 10 year bonds with negative yields for the first time.
Chinese manufacturing activity fell to its lowest level in over four years. China’s central bank lowered banks reserve requirement to free up more funds for lending.
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