All the news you need to stay informed about what’s currently driving the market – courtesy of Raffa Wealth Management, LLC.
US markets rose over the week capped off by a positive move Friday on the strong jobs report. The S&P 500 gained 1.6% and the Dow rose 1.5% for the week. Small cap stocks hit a record high for the week gaining 2.9%. Japan jumped higher over the week rising 4.6% and Europe rose 1.2% driven by supportive comments by the ECB. On the encouraging job news the 10 year Treasury yield jumped to finish at 2.73%, its highest level since August of 2011, as investors anticipate the end of the Fed support. Article
The June employment report showed continued steady growth with employers hiring 195,000 workers strongly outpacing the 165,000 that was expected. April and Mays hiring numbers were also revised up by a combined 70,000. The unemployment rate remained steady at 7.6%. The numbers also provide further support for the Fed to begin to ease back on their monetary support later this year. Article
Construction spending rose 0.5% in May to reach the highest level since September 2009.
US manufacturing picked up in June moving back to expansion territory, however factory employment dropped significantly. Europe saw its manufacturing index have its best month in 16 months, however it is still in contraction territory. China also saw manufacturing slow.
The euro-zone unemployment rate rose to 12.1% in May from 12% in April.
US auto sales rose 9.2% in June from a year ago, its fastest pace in five years. The US is on pace for its best sales year since 2007. Article
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