Financial News and Portfolio Management Discussion through November 27th

US stocks sank on concerns over the newly discovered Omicron variant of the coronavirus. The S&P 500 sank 2.2% and the Dow fell 2.0% for the week. Abroad, the FTSE All World Ex US declined 3.6% for the week. The yield on the 10-year Treasury dropped to 1.48% from 1.54%. Oil prices plunged 10.3% over the week to $68.15 a barrel, their lowest level since early September.

President Biden announced he would nominate Jerome Powell for a second term at the Fed.

The US and other countries will tap their petroleum reserves in an attempt to bring down gasoline prices.

Household spending rose 1.3% in October from September.

Weekly unemployment claims fell to 199,000, the lowest level since 1969.

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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