Financial News and Portfolio Management Discussion through October 13th

Stocks had their worst week since March driven by a variety of issues including an increase in interest rates and trade war concerns.  The S&P 500 sank 4.1% and the Dow plunged 4.2% for the week.  Internationally, Japan and Europe fell 4.6% for the week.  The yield on the 10-year Treasury eased over the week falling to 3.14% as investors sought safe haven from the stock market turmoil.

The CPI rose a less than expected 0.1% in September to bring the gain over the past year to 2.3%.

The average rate on a 30 year fixed mortgage rose to 4.9%, the highest level in 7 years.

Consumer sentiment fell in early October, but still is at a high level.

Big banks JP Morgan, Citigroup, and Wells Fargo posted double digit earnings growth in the third quarter driven by higher consumer lending and spending. Article



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