All the news you need to stay informed about what’s currently driving the market – courtesy of Raffa Wealth Management, LLC.
Stock around the world had an awful week as prices plummeted on concerns over global growth, weak earnings and fears over the spread of the Ebola virus. The S&P 500 fell 3.1% and the Dow lost 2.7% for the week putting it into negative territory for the year. Internationally, Japan sank 2.6% and Europe was down 4.0%. Europe was particularly hit as recession looks like a possibility. Oil prices continue to fall as well down $3.92 for the week ending at $85.2 a barrel. The 10 year Treasury yield sank to 2.31%, its lowest level of the year, as investors moved into safe haven investments. Article
The number of US job openings reached a 13 year high in August and the number of job seekers fell.
German Bundesbank President stressed that he was opposed to the ECB buying private sector bonds and he would oppose the bank buying government bonds as others in the Eurozone clamor for more action by the ECB. Article
The minutes of the September Fed meeting were released and improved the outlook for no interest rate hikes until mid 2015. The Fed is worried of the effects of weakening international growth along with a stronger dollar. Article
HP announced it would split in two separating its PC and printer business from its corporate hardware and services group.
Samsung announced that they estimate third quarter operating earnings will sink over 57% on weaker Smartphone sales.
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