Financial News for the Week Ending September 28th

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 1stArticle

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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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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