Financial News for the Week Ending May 10th
US stocks were mixed over the week on corporate earnings and economic news. The Dow reached another record high rising 0.4% for the week, while the S&P 500 fell slightly dropping 0.1%. Internationally, Japan fell 1.8%, while Europe gained 0.2% for the week. The 10 year Treasury edged up slightly for the week ending at 2.62%.
The EU projected that inflation would average 0.8% this year and 1.2% next year down from earlier projections and well below the rate targeted by the ECB.
The ECB said after its most recent meeting that it would most likely cut interest rates or take some other action to fight low inflation at its June meeting.
China’ exports jumped in April topping expectations and is a positive sign for the economy.
Yellen testified before Congress and gave an upbeat picture of the US economy, but said she is worried about the state of the housing market as home sales and building permits slow.
This year has seen $637.95 billion worth of proposed or agreed to mergers and acquisitions, the most ever at this point in the year.
China internet giant Alibaba set its IPO in the US which values the company at over $100 billion.
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