Financial News and Portfolio Management Discussion through May 30th

Stocks posted a second straight week and month of gains on optimism over the US and the world reopening their economies. The S&P 500 gained 3.0% and the Dow jumped 3.9% for the week.  Abroad, the FTSE All World Ex US rose 4.5% for the week.  The yield on the 10-year Treasury was relatively flat ending the week at 0.65%.

The EU is working on a $2 trillion coronavirus response plan that would significantly deepen the country bloc’s economic union.

New jobless claims filed last week were down to 2.1 million continuing a downward trend, but still well above levels from before the pandemic.  The total number of workers receiving unemployment benefits fell for the first time since February.

US GDP was revised down to a 5% contraction in the first quarter.

Consumer spending fell a record 13.6% in April.

Consumer sentiment improved in May over April.

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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