Financial News and Portfolio Management Discussion through October 20th

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

Solid earnings helped US stocks post small gains for the week. The S&P 500 gained a fraction of a percent and the Dow rose 0.4% for the week.  Internationally, Japan slipped 0.7%, but Europe was up 0.6% for the week.  The yield on the 10-year Treasury climbed over the week to 3.20%.

The number of available jobs outnumbered the number of people looking for jobs by 902,000.  The highest number on record.

China’s third quarter growth rate slowed to 6.5% its weakest level of growth since the financial crisis, and below expectations.  Industrial output and consumption weakened while exports held up.

Sales of previously owned homes fell 3.4% in September from a month earlier and are down 4.1% from a year earlier.  It was the seventh straight month of declines.

Italy’s bonds were downgraded by Moody’s to the lowest investment grade rating.

Harris Corp and L3 Technologies have agreed to merge which would create a firm valued at $33.5 billion.  It would be the largest ever defense industry merger. Article

Retail giant Sears declared bankruptcy.

Johnson and Johnson, BofA, Goldman Sachs, Morgan Stanley, Proctor & Gamble and Netflix all reported strong third quarter earnings.

 

 

 

 

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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