All the news you need to stay informed about what’s currently driving the market – courtesy of Raffa Wealth Management, LLC.
US stocks continued to gain in the week following the election on positive expectations for the new administration, particularly the financial sector. The S&P 500 gained 0.8%, while the Dow ticked up 0.1% for the week. Internationally, Europe rose 0.6% and Japan jumped 3.5% for the week. The yield on the 10 year Treasury bond closed at 2.34%, a 12 month high, on expectations of a Fed rate hike and higher inflation. The past two weeks have seen the biggest gain in 15 years. Article
China appears on track to grow at 6.5% this year.
Retail sales gained 0.8% in October and 1% in September marking the best two month stretch in over two years. Article
In testimony before congress Fed Chair Janet Yellen said the Fed could move “relatively soon” to raise the Federal funds rate. The comments continue to support the market’s expectation of a Fed rate increase in December.
New claims for unemployment fell to their lowest level since 1973 last week.
New housing permits rose in October and housing start reached their strongest pace since 2007.
Volkswagen plans to cut 30,000 jobs over the coming years at VW.
With 95% of companies in the S&P 500 reporting, earnings rose 5% in the third quarter to break the 5 quarter streak of declining earnings.
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