Financial News for the Week Ending October 5th

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

US markets ended the first week of October down slightly on the ongoing government shutdown. However, the response has been muted as it was anticipated. The Dow was down 1.2%, and the S&P was mostly flat sinking 0.1%. Internationally, Europe was down 0.7% and Japan plunged 5.0%. The 10 year Treasury ended the week at 2.65%, up slightly for the week.  Article

After congress failed to reach an agreement the federal government shut down on Tuesday forcing approximately 800K workers to stay home without pay.

September manufacturing increased unexpectedly to reach its highest reading this year.

According to ADP’s report the private sector added 166,000 jobs in September, which was below economists’ forecasts.  Article

The U.S. has overtaken Russia as the world’s largest oil and natural gas producer.

Twitter announced plans for a $1 billion IPO. The firm had $254 million in revenue during the first half of the year, but operates at a net loss. The social media company’s loss grew by 40% to $69 million.  Article

Merck announced it would cut 20% of its positions over the next two years, close offices and stop some late stage drug development in an effort to cut costs.

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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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