US stocks sank over the week with earnings and global growth concerns weighing on stocks. The S&P 500 fell 3.9% and the Dow sank 3.0% for the week. Abroad, Japan plunged 6.0% and Europe eased 2.5% for the week. The yield on the 10-year Treasury sank again ending the week at 3.08% as investors moved to safe haven investments.
Third quarter GDP was 3.5% above expectations of 3.4% driven by consumer and government spending.
Italy’s bonds were downgraded by Moody’s to the lowest investment grade rating.
With half of S&P 500 companies reporting earnings 60% topped sales expectations – below recent levels.
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.
