Financial News for the Week Ending March 1st

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

US stocks rose over the week to end at all time highs driven by some positive economic news and statements from the Fed that reassured investors.  The Dow rose 1.4% and the S&P 500 gained 1.3% for the week.  For February both indices rallied strongly from January with the S&P 500 up 4.3% and the Dow gaining 4.0% as concerns eased about economic growth and issues in emerging markets.  Internationally, Japan was down 0.2% for the week, while Europe gained 0.6%.  The 10year Treasury bond saw its yield to 2.66%.  Article

Home prices last year posted their largest annual gain since 2005.  However, more recent data has seen prices cooling.  

Yellen testified before congress saying that bad weather was likely a driver of weaker recent performance, but it bears watching.

The U.S. economy grew at a 2.4% rate in the first revision for 4th quarter GDP, significantly down from the 3.2% first estimated.  Article

The largest Bitcoin exchange, Mt. Gox, abruptly shutdown, filed for bankruptcy and said that over $470 million worth of the currency disappeared from its holdings.  The development spells a large setback to the virtual currency and sent its value tumbling.  Article

Netflix reached an agreement with Comcast to pay the internet provider for better speed for streaming of movies and television shows.

Target’s 4th quarter revenue sank 46% driven by the large data breach and its push into Canada.  However, the number was better than analysts expected.

Freddie Mac posted a record $48.7 billion profit in 2013 on the housing rebound.

About

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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