Financial News for the Week Ending June 29th

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 had its best first half of the year since 1999 with the Dow up 15.2% and the S&P 500 up 13.8% on a total return basis on generally improving economic conditions and continued Fed support. However, June ended the month in negative territory as the continued degree of the Fed’s support has come into question and China was involved in a liquidity crisis; the Dow and S&P 500 were down 1.3%. Gold had its worst month since the beginning of modern gold trading in 1974. The 10 year Treasury saw its yields spike on the news of the Fed potentially withdrawing support. Yields rose from 2.16% to start June to 2.52% to end the month.  Article

New home sales rose to the highest level in almost 5 years in May and home prices in April rose 12.1% over the year earlier.

China’s central bank announced it has provided liquidity for some banks and will step in if needed to help ease the country’s recent liquidity crisis and help soothe the market.

GDP was revised down to 1.8% in the first quarter from the prior estimate of 2.4%. Consumer spending was revised down. Business spending rose 0.4% in the first quarter and remains 4% below prerecession levels. The weaker numbers hint that the US economy isn’t on as sound a footing and could prolong the Fed’s intervention.  Article

Thirty Year mortgage rates have risen to 4.46% from 3.74% a month ago. 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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