Financial News and Portfolio Management Discussion through October 23rd

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

US stocks continued their recent rebound driven by better than expected corporate earnings to hit a new record high during the week. The S&P 500 climbed 1.6% and the Dow rose 1.1% for the week. Abroad, the FTSE All World Ex US gained 0.6% for the week. The yield on the 10-year Treasury rose to 1.65%, up from 1.57% to reach its highest level since May. Oil continued its recent climb to finish the week at $83.76, its highest level in seven years.

China’s GDP grew at a 4.9% pace in the third quarter, less than expected and significantly less than the 7.9% growth seen in the second quarter.

Industrial production fell 1.3% in September due to Hurricane Ida and supply chain disruptions. An increase was expected.

Initial jobless claims fell to 290,000, a new pandemic era low.

Existing home sales rose 7% in September from August.

In public comments Fed Chief Powell said inflation risks have increased and that he is more concerned about its impacts.

Analysts now estimate that earnings rose 35% in the third quarter from last year and to date roughly 80% of S&P 500 firms have topped analysts’ earnings estimates.

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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