All the news you need to stay informed about what’s currently driving the market – courtesy of Raffa Wealth Management, LLC.
US markets sank for the week as concerns over the increasingly likely government shutdown weighed on stocks. It was the first down week in a month. The Dow fell 1.2% and the S&P 500 dropped 0.6%. Internationally, Europe fell 0.6% and Japan was flat rising 0.1%. The 10 year Treasury yield fell over the government concerns ending the week at 2.62% as bonds rose. Article
The Treasury announced the government would hit its debt limit on October 17th setting a new deadline after the current government shutdown deadline of October 1st. Article
New home sales gained 7.9% beating forecasts, but pending home sales edged down for the third month in a row.
The final look at second quarter GDP was steady at 2.5%.
Consumer spending rose 0.3% in August increasing from July, but is at relatively slow pace.
Blackberry received an offer from Fairfax Financial Holdings to take it private for $4.7 billion. The firm also posted a fiscal second quarter loss of $965 million and a fall in revenue of 45%.
Apple set a new sales record for the iPhone selling 9 million phones in their first 3 days. They also increased their forecasts for the quarter. Article
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