All the news you need to stay informed about what’s currently driving the market – courtesy of Raffa Wealth Management, LLC.
The US stock market posted its best week of the year despite weak economic news. The S&P 500 and Dow gained 2.3% for the week. Internationally, Europe rose 2.5%, while Japan fell 1.0%. The 10 year Treasury yield rose to 2.75% over the week. Article
Chinese exports jumped 10.6% in January. The strong number could help reduce growth concerns for emerging market countries.
In Fed Chairwomen’s Yellen’s first testimony before Congress she stated that she intended to maintain “continuity in the FOMC’s approach.”
Retail sales fell 0.4% in January from December, the steepest decline in a year and a half.
Brazil is likely to show further contraction in the fourth quarter after contracting 0.5% in the third quarter meaning the country has entered a recession.
The pace of growth picked up in the Euro zone in the fourth quarter as the region grew at a 1.1% annualized rate. It’s the third straight quarter of growth. However, the pace is unlikely to put a significant dent in the areas high unemployment. Article
US industrial output sank 0.3% in January. The drop was partly blamed on bad weather.
Barclays posted a $1 billion net loss and stated it would cut its workforce by 9%.
Comcast has agreed to buy Time Warner Cable for $45 billion in stock in a deal that would combine the two largest cable operators in the US. The deal will face a lengthy regulatory review. Article
AIG posted a fourth quarter profit and topped expectations, but the firm announced it would cut 1,900 jobs.
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