All the news you need to stay informed about what’s currently driving the market – courtesy of Raffa Wealth Management, LLC.
US Stocks ended the week at record highs driven by strong economic readings and corporate earnings. The S&P 500 gained 0.2% and the Dow was up 0.5% for the week. Internationally, Japan surged 2.6% and Europe rose 0.8% for the week. Japan’s Nikkei Index posted a record 15 straight days of gains and is now at its highest level since 1996. The yield on the 10 year Treasury reached 2.43%. Up over the week and the highest level since March. Oil rose 4.5% over the last week to finish at %53.90 a barrel. Article
Japan’s Prime Minister Shinzo Abe won reelection with a strong majority, driven by his handling of the economy.
The ECB announced it would continue buying bonds through September 2018, but will reduce the amount from 60 billion euros a month after December to 30 billion euros as it moves to curtail its easy money policies. ECB President Mario Draghi indicated bond buying would probably be extended again, beyond September 2018, a surprise, and that rate rises remained well off. Article
The US economy grew at 3% in the third quarter despite two major hurricanes. It marks the best six month stretch of growth in three years. The gain was driven by higher consumer and business spending and topped expectations. Article
Over half of the companies in the S&P 500 have reported earnings for the third quarter and over 75% have beaten analysts’ expectations.
CVS Health and Aetna are close to a $66 billion merger.
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