Financial News and Portfolio Management Discussion through November 21st

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

US stocks ticked down over the week as more positive news on the vaccine front was countered with new record virus and hospitalization rates.  The S&P 500 declined 0.8% and the Dow fell 0.7% for the week.  Abroad, the FTSE All World Ex US rose 1.6% for the week.  The yield on the 10-year Treasury fell over the week to end at 0.83% down from 0.89%.

Moderna announced its vaccine trial showed it was 95% effective.

Asia-Pacific countries reached a trade deal including China, Japan, South Korea and 12 other countries that cover roughly a third of global economic output.

New cases and hospitalizations related to COVID-19 hit daily records over the week.

Retail sales rose 0.3% in October, significantly below the gain seen in September.

Initial jobless claims rose to 742,000 for the past week up from 709,000 the week before.

Sales of previously owned homes hit a 14 year high in October and median home prices hit a new high as well.

Treasury Secretary Mnuchin announced he would let several of the Fed’s emergency lending facilities expire at the end of the year, despite the Fed’s objections.

Tesla will be added to the S&P 500 on December 21st.

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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