Financial News and Portfolio Management Discussion through September 21st

US stocks eased over the week on oil price gains and signs of limited progress on a US/China trade deal.  The S&P 500 was down 0.5% and the Dow fell 1.0% for the week.  Abroad, Japan edged up 0.4% and Europe rose 0.3% for the week.  The 10-year Treasury yield declined on trade concerns and after the Fed cut its benchmark rate a quarter percent. The yield finished the week at 1.75%, down from 1.90% at the end of the previous week.  Oil rose 6.7% to finish at $64.28 after an attack on Saudi oil facilities knocked half of its capacity offline.

46,000 GM auto workers are on strike.  The strike could cost GM $100 million a day.

China’s central banks took steps to inject $28 billion into the banking system.

Saudi Arabia said it would only be a matter of weeks before it fully restores its oil output from before the recent attacks.

The Fed voted to cut its benchmark interest rate to a range from 1.75% to 2.0% at their September meeting and comments made by Chairmen Powell left open the possibility of additional rate cuts.  The Fed cited cushioning the US economy from a global economic slowdown and the US/China trade war.

Sales of previously owned homes rose 1.3% in August from July, much higher than expected, and was the first year over year gain in 17 months.



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