All the news you need to stay informed about what’s currently driving the market – courtesy of Raffa Wealth Management, LLC.
US markets sank on Friday after further efforts to find a solution to the fiscal cliff have fallen through. The Dow dropped 1.2% for the day and 1.9% for the week and the S&P 500 sank 1.1% for the day and 1.9% for the week. On the international side Japan rose 4.6% for the week and Europe was down 0.8%. Treasurys rose on the fiscal cliff concerns with the 10 year Treasury yield falling to 1.712%.
The Yen hit a 27 month low against the dollar as the country announced it would initiate easy money polices to devalue the Yen.
Negotiators were able to avert a strike by longshoreman that would have shut down ports from Boston to Houston.
Early indications are that the 2012 holiday shopping season will have the most muted growth since 2008.
The S&P Case-Shiller 20 city housing index showed a year over year gain for October of 4.3%. Prices are up 6.9% since January and are on pace for the first yearly gain since 2006.
Toyota has reached a settlement over a class action lawsuit as a result of unintended acceleration in its vehicles agreeing to pay $1.1 billion. The company also announced it expected sales to increase by 2% in 2013.
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