Financial News and Portfolio Management Discussion through November 2nd

All the news you need to stay informed about what’s currently driving the market — courtesy of Raffa Wealth Management, LLC.

US stocks posted their worst week since March over concerns of additional lockdowns brought on by rising COVID-19 cases. The S&P 500 declined 5.6% and the Dow ticked dropped 6.5% for the week.  Abroad, the FTSE All World Ex US sank 4.7% for the week.  The yield on the 10-year Treasury edged up for the week to end at 0.86%, and saw its highest one month gain since September 2018.

South Korea’s GDP rose a better than expected 1.9% in the third quarter.  It joins China, Taiwan and Vietnam who have posted growth while countries in the west are still struggling to rebound from COVID-19.

France and Germany instituted new lockdowns as Europe tries to fight off a surge in coronavirus cases.

Weekly jobless claims fell to 751,000, their lowest level since March.

Third quarter US GDP came in at 33.1%, the largest ever quarterly gain as the US economy opened back up after shutdowns limited the economy in the second quarter.  The economy regained roughly two third of what it had lost in the prior quarter.

Personal consumption expenditures rose 1.4% in September and personal income rose 0.9%.

With 64% of S&P 500 companies reporting earnings to date  86% have posted a positive earnings per share surprise and 81% have reported a sportive revenue surprise.

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 in this newsletter 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.
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