All the news you need to stay informed about what’s currently driving the market – courtesy of Raffa Wealth Management, LLC.
US stocks sank over the week on weaker economic news and mixed earnings. The S&P 500 fell 0.4% while the Dow edged down 0.2% for the week. Internationally, Europe plunged 2.9% and Japan sank 3.3% for the week. The yield on the 10 year Treasury edged down to finish the week at 1.78%. Oil sank 2.7% over the week. Article
The pace of hiring eased in April with 160,000 new jobs added well short of expectations. The unemployment rate held at 5%, but labor force participation fell. Average earnings rose 2.5% from a year earlier one of the best increases of the current economic expansion. Article
US manufacturing activity declined, but for a second straight month was in expansion territory.
China’s manufacturing industry edged down in April and was the 14th straight month it was in contraction territory.
US auto sales rose 3.6% in April over last year and posted a record high sales level for the month.
US worker productivity rose at only a 0.6% rate in the first quarter from a year earlier; its lowest level since the 1980s.
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