Financial News for the Week Ending March 23rd
The U.S. market ended the week on an uptick as investors grew more confident that a deal would be reached with Cyprus. However, for the week, the S&P 500 fell 0.2% and the Dow dropped 0.1%. The markets were down on the latest European debt issue, this time revolving around Cyprus and whether a bailout deal could be reached to keep the country afloat and in the euro zone. The issue weighed more heavily in Europe as the region fell 1.1%. Japan also sank 1.8% for the week as the yen rose against the dollar. With worries prevalent over the week the 10 year Treasury rose in demand and its yield dropped to 1.915%.
The deal with Cyprus’ creditors originally called for a tax on all depositors in Cyprus banks, which resulted in much unrest in the country and globally as this would be a new step in the financial crisis. However, Cypriot officials strongly opposed the deal and were working on another solution.
Home sales rose and housing permits were up as the stream of good news continues in the real estate sector.
At the conclusion of the Fed’s most recent policy meeting no changes were made to its policies. The Fed believes growth has improved since late last year, but is still too feeble to make any changes.
Oracle and FedEx both issued earnings reports that disappointed.
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.