Financial News and Portfolio Management Discussion through October 9th

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

Stocks gained over the week on an increase to the debt ceiling until early December avoiding a potential default. The S&P 500 rose 0.8% and the Dow gained 1.2% for the week. Abroad, the FTSE All World Ex US was up 0.6% for the week. The yield on the 10-year Treasury posted its seventh straight week of gains to end the week at 1.60% up from 1.48%. It’s at its highest level since late June. Oil surged over the week gaining 4.6% on low supply to finish the week at $79.35 a barrel, its highest level since 2014.

The US saw its slowest pace of monthly job gains this year in September with just 194,000 jobs added. However, August’s hiring was revised higher. More job seekers exited the labor pool last month so despite the weak higher level the unemployment rate dropped to 4.8%. Wages rose 4.6% from a year earlier.

Initial jobless claims fell for the first time in four weeks.

OPEC+ agreed to continue to increase oil production in gradual steps and not accelerate production as many had expected.

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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