Financial News and Portfolio Management Discussion through October 24th

US stocks fell over the week on concerns about increasing COVID-19 cases as well as diminishing hopes of a new fiscal stimulus deal before the election. The S&P 500 fell 0.5% and the Dow ticked declined 0.9% for the week.  Abroad, the FTSE All World Ex US was up 0.4% for the week.  The yield on the 10-year Treasury climbed over the week to end at 0.84%, the largest one week gain in yield since August.

China posted GDP growth of 4.9% over the third quarter.  Below estimates, however, the Chinese economy remains well ahead of other nations in rebounding from the coronavirus.

Permits for new housing starts rose more than expected in September.

Weekly unemployment claims fell to 787,000 last week, the lowest level since before widespread shutdowns were implemented in the US.

Sales of previously owned homes rose to a 14 year high in September.

The UK announced new support for companies impacted by coronavirus restrictions.

US coronavirus cases hit the highest level since July.

The purchasing managers index for the eurozone fell in October as coronavirus infections have surged.

With over a quarter of companies in the S&P 500 reporting to date, 84% of them have topped analysts’ forecasts for 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 herein 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. Source: FMG Suite, LLC.
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