Financial News and Portfolio Management Discussion through October 2nd

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

Stocks declined over the week on worries over inflation and economic growth. The S&P 500 fell 2.2% and the Dow dropped 1.4% for the week. Abroad, the FTSE All World Ex US sank 2.5% for the week. The yield on the 10-year Treasury continued its recent climb to end the week at 1.48% up from 1.46%. It’s at its highest level since late June.

China’s central bank announced that all cryptocurrency transactions are illegal dealing a blow to the virtual currencies.

US durable goods orders rose 1.8% in August stronger than expected.

Home price growth rose an annual record 19.7% in July according to the Case-Shiller Home price index.

China’s manufacturing activity contracted in September for the first time since the star of the pandemic, while some growth was still expected.

In comments Fed Chair Powell said the recent increase in inflation might last longer than the Fed initially anticipated.

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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