Financial News for the Week Ending May 24th

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

US stocks closed at another record high to end the week on a quite week of trading driven by positive economic and corporate earnings reports.  The S&P 500 finished over 1,900 for the first time.  The S&P 500 gained 1.2% and the Dow rose 0.7%.  Abroad, Europe rose 0.8% for its sixth straight weekly gain and Japan hit a three week high up 2.6%.  The 10 year Treasury yield ended the week up slightly at 2.54% on the positive move in stocks.  Article

The most recent manufacturing purchasers index in China showed signs of stabilization.

Sales of existing homes rose 1.3% in April in a positive sign for the housing sector.

New home sales accelerated from March in April, but are down 4.2% from the pace seen last year.  Article

Credit Suisse plead guilty to aiding American citizens in tax evasion and agreed to pay $2.6 billion to settle the case.   Article

AT&T agreed to purchase DirecTV for $49 billion creating a major media and television player that would have 26 million TV subscribers.  Article

With 90% of S&P companies reporting the first quarter saw a 2.1% increase in profit down from the 8.5% gain seen last quarter.

GM added another 2.4 million vehicles to its recalled list bringing the total costs for repairing faulty vehicles to $1.7 billion.

HP announced it would cut between 11,000 and 16,000 jobs as it looks to improve operations after posting a drop in revenue.

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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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