September Unemployment Report Showed Weakening Hiring Rate

Financial News for the Week Ending October 26th

US Stocks hit new record highs to end the week on positive earnings reports.  The S&P 500 rose 0.9% and the Dow gained 1.1% for the week.  Japan sank 3.3% on a strengthening Yen and weak earnings from Japanese companies, while Europe rose 0.5% for the week.  The 10 year Treasury yield eased to 2.50% as some economic reports added to expectations the Fed would not look to cut their bond purchases soon.

The September unemployment report showed a weakening rate of hiring as employers added 148,000 jobs.  The number is far short of the pace seen earlier in the year.  The unemployment rate dropped to 7.2%.  The weakening pace gave investors more confidence that the Fed would hold off on reducing their bond purchase program for the time being.

Chinese manufacturing data showed the country reached a seven month high.

J.P. Morgan reached a settlement with Fannie Mae and Freddie Mac for $5.1 billion over whether J.P. Morgan had misled the housing finance agencies about the credit quality of 129 securities they purchased.

Netflix, Samsung, Microsoft, UPS, P&G, Daimler, Ford, and Hyundai all reported positive earnings results.

B of A announced it had cut 1,200 mortgage jobs and will be cutting another 2,800 in the fourth quarter.

Amazon posted a loss for the quarter, its third in the past year, as expenses from expansion outweighed a 24% increase in revenue.

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.

This entry was posted in Investment Advisory and tagged , , , , , . Bookmark the permalink.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s