Financial News for the Week Ending June 15th

All the news you need to stay informed about what’s currently driving the market – courtesy of Raffa Wealth Management, LLC.

US stocks posted a weekly loss on continued jitters before next week’s Fed meeting.  The Dow sank 1.2% and the S&P 500 fell 1.0%.  Europe edged down 1.4% as well.  Japan’s stock market continued to be volatile snapping back from a 6.4% loss on Thursday for a 1.9% gain on Friday to finish the week down 1.4%.  The 10 year Treasury yield, after reaching a 14 month high of 2.293% during the week, finished at 2.126% after increased Treasury buying.   Atricle

Greece was removed from MSCI’s developed market indices and moved to an emerging market. 

The 30 year fixed mortgage rate jumped to 4.15% in the first week of June its highest level since March of 2012.  Article

The city of Detroit told investors it planned to stop making payments on some of its debts including a $39.7 million payment that was due Friday.  The move could trigger a Chapter 9 bankruptcy filing.  Article

S&P upgraded its outlook for the US’s credit rating from negative to stable citing recent economic improvement.

Initial jobless claims fell dropping the four week moving average to 342,250, the lowest level since early 2008. 

Retail sales rose 0.6% in May up 4.3% from a year ago showing resilience from American consumers.  Article

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Raffa Wealth Management is an independent investment advisor providing nonprofit organizations, high net-worth investors, and qualified retirement plans with a full range of investment consulting services.  We were established to fill the need for transparency, clarity, and vision in the professional management of investment assets.   Visit us at www.raffawealth.com

There is no guarantee that any investment strategy, including those described here, will be successful. Any investment or investment strategy can lose money. Past performance does not guarantee or predict future results. You should not assume that any discussion or information contained in this newsletter serves as the receipt of, or as a substitute for, personalized investment advice from Raffa Wealth Management, LLC. This information was gathered from reliable sources but we cannot guarantee accuracy. Indexes do not reflect the fees associated with actual investments and such fees would reduce the performance illustrated.
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