Financial News for the Week Ending October 19th

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

U.S. stocks ended the week at a new all time high driven by positive earnings numbers and a last minute deal to reopen the government and raise the debt ceiling.  The S&P 500 reached 1,744 up 2.4% for the week while the Dow gained 1.1%.  Internationally, Japan rose 12.1% and Europe was up 2.2% for the week hitting their highest level since June 2008.  The 10 year Treasury yield fell to 2.59% and bonds rose on the news of the government agreement.  Article

Congress reached an agreement to raise the debt ceiling and reopen the government, narrowly beating the deadline.  The government will now have operating funds through mid January and the debt ceiling will be raised through February 7thArticle

China’s growth picked up in the third quarter with GDP coming in at 7.8%, the fastest pace since the 4th quarter last year and in line with economists’ estimates.  Article

Apple announced it was hiring Burberry’s former CEO Angela Ahrendts to fill their retail chief position in a hope to revive sales growth.

Earnings season is in full swing.  Over the week Yahoo, Intel, Citigroup, IBM and Goldman Sachs, all had earnings reports that disappointed, while B of A, Blackrock, Charles Schwab, Google, GE and Morgan Stanley all posted positive numbers.

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.
Bookmark this page