Financial News for the Week Ending April 13th
U.S. stock markets posted another week of strong performance and their best since the first week of the year. The S&P 500 gained 2.3% and the Dow rose 2.1% reaching fresh records during the week. Internationally, Europe rose 1.8% and Japan continued to soar on its easy money policies, up 5.1%. The 10-year treasury yield finished the week slightly higher at 1.721% as weak economic news kept demand high.
Gold has fallen precipitously in recent weeks dropping 4.7% for the week to finish at $1,501 an ounce. It’s at its lowest level since July 2011 as investors have become less concerned with inflation and willing to move into equities.
Retail sales fell 0.4% in March as consumers appear to be spending more cautiously. Consumer sentiment dropped to its lowest point in 9 months as well. Article
Alcoa kicked off earnings season with a 59% rise in profits, which beat expectations.
JC Penney ended the disastrous run of CEO Ron Johnson by firing him. The much heralded former Apple executive tried to overhaul the retailer, but his changes resulted in plunging sales.
Worldwide shipments of laptops and desktops dropped 14% in the first quarter from the year earlier. This is the largest drop since the data has been tracked.
Both Wells Fargo and JP Morgan reported declining revenue in the first quarter as the home refinancing boom has subsided.
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.