Financial News for the Week Ending February 23rd
After hitting new 5-year highs early in the week, then plummeting midweek, U.S. markets bounced back on Friday to regain some the losses from the precipitous drop. The S&P 500 was down 0.3% for the week, while the Dow eked out a 0.1% gain. In Fed minutes released, members raised concerns over its current bond buying policy and suggested that stopping prior to its unemployment goal might be the best path, sparking a selloff mid week. Europe was up 0.4% on the week and Japan gained 1.9% to continue its march upwards. The 10 year Treasury sank to 1.965%.
Gas prices have reached a 4-month high after climbing for 32 straight days.
Home sales rose 0.4% in January and the number of homes available for sale fell to their lowest point in 13 years leaving more buyers chasing less homes.
Office Depot and Office Max agreed to a merger joining the number 2 and 3 office sales retailers.
Wal-Mart’s profit rose, but said it excepted sales to be flat as consumers are hit by the restored payroll tax.
HP’s profits sank 16% on weak PC sales however the numbers were better than estimates.
Reposted from the Raffa Wealth Management Blog.
All the news you need to stay informed about what’s currently driving the market – courtesy of Raffa Wealth Management, LLC.