Financial News and Portfolio Management Discussion through November 3rd

Global stocks rebounded over the week on strong earnings and positive trade news with China. The S&P 500 and Dow gained 2.4% for the week.  Internationally, Japan surged 5.0% and Europe jumped 3.3% for the week.  The yield on the 10-Year Treasury rose to 3.21% to end the week on wage gains.  Its highest level since early October.

The October Jobs reports well surpassed expectations with 250,000 new hires.  The unemployment rate remained at 3.7%, but the labor force participation rate increased.  Wages also rose by 3.1% from a year earlier, their largest gain in nearly a decade.

The Fed’s preferred inflation measure, the personal consumption expenditures price index rose 0.1% in September from August.  As a result, annual inflation still remains tame and below the Fed’s 2% target.

Eurozone growth eased to 0.2% in the third quarter, its lowest level in over four years, with Italy weighing down the region.

A reading of Chinese manufacturing fell to a 2 year low in October.

Annual home price gains rose by less than 6% for the first in a year in August.

Consumer confidence hit an 18 year high in October.

With 350 companies in the S&P 500 reporting to date, earnings are up 24% from a year earlier topping estimates.

Apple posted record earnings and sales, but offered weak guidance for the holiday quarter.

IBM announced it is buying software and services company Red Hat for $33 billion.



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