Financial News for the Week Ending October 12th

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

U.S. stocks rebounded over the week on the prospect of a deal to avert a default and reopen the government. The S&P 500 gained 0.8% and the Dow rose 1.1% for the week. Internationally, markets rallied on the improved picture in the U.S. as well, with Europe up 0.6% and Japan gaining 2.7%. The 10 year Treasury ended the week up slightly at 2.68%.

President Obama elected to nominate Janet Yellen, the current Fed #2, to be the next Fed Chairman ending months of speculation.

The IMF cut its world growth forecast by 0.3% to 2.9% and dropped next year to 3.6% from 3.8%. They based this on the Fed exited from its current easy money policies and China targeted a more measured growth pace.

Retailers in the U.S. posted weaker numbers in September than expected. The numbers cast a cloud over expectations for the holiday shopping season.

Alcoa posted a slight profit to kick of earnings season. The aluminum producer posted lower sales, but was able to cut costs.

Wells Fargo’s earnings jumped 13% in the third quarter roughly in line with expectations. However, the bank’s weaker mortgage numbers signaled it might have a tougher road ahead.

J.P. Morgan had a loss in the third quarter related to the $9 billion it has set aside for settlements due to its multiple legal woes. It posted a loss of $380 million.

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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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