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.