Financial News for the Week Ending February 22nd
US stocks posted a slight loss for the week as investors debated the degree to which weather has suppressed US economic growth. The S&P 500 fell 0.1% and the Dow dropped 0.3%. Internationally, Europe rose 0.8% driven by a truce in Ukraine and Japan was up 3.9% as incentives were increased for bank lending. The 10 year Treasury yield eased over the week to finish at 2.73%.
A preliminary reading of Chinese manufacturing activity in February fell to its lowest level in 7 months reigniting fears of more slowing growth from China.
New housing starts sank 16% and home sales fell 5.1%.
In the minutes released from the Fed’s January meeting some board members argued for raising interest rates sooner than previously stated.
The CPI rose 1.6% in January for its highest yearly gain in 6 months.
Facebook announced it is purchasing WhatsApp, a messaging company, for $19 billion in cash and stock.
Coca-Cola posted weak revenue in its quarterly results, while Tesla and HP posted better than expected results.
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