All the news you need to stay informed about what’s currently driving the market – courtesy of Raffa Wealth Management, LLC.
Global stocks surged in October and recovered much of the declines seen in the late summer on accommodative moves or comments from central banks around the world and solid corporate results. The S&P 500 rose 0.2% and 8.3% for the week and month, respectively. Similarly, the Dow jumped 8.5% for the month and gained 0.1% for the week. International markets rose as well with Europe up 8.0% for the month, but down 0.5% for the week and Japan gaining 9.7% and 1.4% for the month and week, respectively. The yield on the 10 Year Treasury ended the week and month at 2.16%, rising over both time periods. Article
The US economy grew at a lackluster 1.5% annual pace in the third quarter. Article
At the conclusion of their October policy meeting the Fed elected to keep interest rates unchanged, but said explicitly that they would consider an interest rate hike at their December meeting. Article
New home sales fell 11.5% in September from the downwardly revised August estimate.
US durable goods orders fell for the second straight month falling 1.2%.
Personal spending edged up 0.1% in September, the second weakest reading of the year. Personal income also rose only 0.1%.
Apple, Samsung and Linkedin all had positive earnings reports while Ford, Volkswagen, Fiat Chrysler and Twitter disappointed.
Walgreens agreed to purchase Rite Aid for $9.4 billion showing further consolidation in the healthcare sector.
Deutsche Bank announced it would cut 35,000 jobs and end operations in several countries as it sought to retrench.
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