Financial News and Portfolio Management Discussion through October 16th

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

Stocks surged over the week on better than expected earnings to kick of third quarter earnings season with the largest banks posting strong gains. The S&P 500 climbed 1.8% and the Dow jumped 1.6% for the week. Abroad, the FTSE All World Ex US was gained 2.3% for the week. The yield on the 10-year Treasury declined for the first time in eight weeks to end the week at 1.57% down from 1.60%. Oil continued to surge to finish the week at $82.28, its highest level since 2014.

The CPI rose 0.4% from August and is up 5.4% over the year, slightly higher levels than projected.

The Fed’s meeting minutes from their September meeting showed that it was prepared to begin curtailing its bond buying program in November with a potential end mid next year. They also could raise interest rates late next year.

US jobless weekly jobless claims fell below 300,000 to 293,000, its lowest level since the pandemic began.

Retail sales rose 0.7% in September, when a decline was expected.

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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