All the news you need to stay informed about what’s currently driving the market – courtesy of Raffa Wealth Management, LLC.
Global stocks ended the week with a steep sell off as investors were jittery about growth in China and emerging markets and how world markets will handle further Fed pullbacks. The S&P 500 sank 2.6% while the Dow dropped 3.5%. Internationally, Europe fell 3.3%, while Japan was down 2.2%. US Treasuries rallied as investors sought safe havens. The yield on the 10 year Treasury fell to 2.75%, its lowest level since the end of November. Article
China’s GDP rose 7.7% in 2013 in line with 2012, but well below the rate of the past 30 years. A preliminary read on China’s manufacturing activity showed contraction in January continuing a slowdown in China. Article
Sales of previously owned homes hit the highest level in seven years in 2013, but sales in December posted their first increase since July and it was the second weakest month of the year.
The Fed is expected to cut its bond purchase program a further $10 billion, from $75 billion to $65 billion at its next meeting.
Netflix and Microsoft posted positive earnings reports, while IBM, McDonald’s, and Samsung all released reports that disappointed.
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