All the news you need to stay informed about what’s currently driving the market – courtesy of Raffa Wealth Management, LLC.
US Stocks rose slightly for the week on the Fed statement along with the ECB moving their bond buying forward. The S&P 500 rose 0.2% while the Dow fell 0.2% for the week. Internationally markets surged, Japan gained 2.7% and Europe jumped 2.8% for the week. The 10 year Treasury yield rose to 2.21% to end the week on higher inflation. Article
New housing starts shot up 20.2% in April from March to the highest level since November of 2007. US existing home sales fell 3.3% in April after having a strong March. The sales pace rose 6.1% over the prior year and prices have risen 8.9% from a year ago as well.
The ECB announced it would step up its bond purchases ahead of a summer lull; in effect front loading its purchases. Article
Fed minutes released from their April meeting said in the clearest terms yet that raising rates in June was essentially off the table given the trends in the US economy.
In a speech Yellen said the Fed was still on pace to raise interest rates this year.
The CPI rose for a third straight month in April up 0.1% and the core rate gained 0.3% above expectations. However, compared to a year ago, prices fell 0.2% and core prices rose 1.8%. Article
Barclays, Citigroup, JP Morgan, RBS and UBS agreed to pay collectively $5.6 billion in fines for manipulating foreign currency rates for their gain. Four of the five also pleaded guilty to criminal charges.
CVS announced it was purchasing Omincare, a prescription fulfillment company, for $10.4 billion.
Raffa Wealth Management is an independent investment advisor providing nonprofit organizations, high net-worth investors, and qualified retirement plans with a full range of investment consulting services. We were established to fill the need for transparency, clarity, and vision in the professional management of investment assets. Visit us at www.raffawealth.com