Financial News for the Week Ending October 5th
U.S. markets ended the first week of October down slightly on the ongoing government shutdown. However, the response has been muted as it was anticipated. The Dow was down 1.2%, and the S&P was mostly flat sinking 0.1%. Internationally, Europe was down 0.7% and Japan plunged 5.0%. The 10-year Treasury ended the week at 2.65%, up slightly for the week.
After Congress failed to reach an agreement, the federal government shut down on Tuesday forcing approximately 800K workers to stay home without pay.
September manufacturing increased unexpectedly to reach its highest reading this year.
According to ADP’s report, the private sector added 166,000 jobs in September, which was below economists’ forecasts. Article
The U.S. has overtaken Russia as the world’s largest oil and natural gas producer.
Twitter announced plans for a $1 billion IPO. The firm had $254 million in revenue during the first half of the year, but operates at a net loss. The social media company’s loss grew by 40% to $69 million.
Merck announced it would cut 20% of its positions over the next two years, close offices and stop some late-stage drug development in an effort to cut costs.
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.