Financial News for the Week Ending May 17th
US Stocks ended the week mixed after volatile trading that saw the market hit new highs before a selloff of small cap companies. Fears over weakening global growth drove the decline. The Dow and S&P 500 both hit record highs during the week, but the S&P 500 finished flat, the Dow finished down 0.6% and the NASDAQ finished up 0.5%. Internationally, Europe was relatively flat gaining 0.1% and Japan fell 0.7% for the week. The 10 year Treasury yield hit its lowest point in seven months during the week and finished at 2.52%.
US retail sales rose just 0.1% falling short of expectations of a rebound out of the winter months.
Inflation rose 0.3% in April, the largest increase since last June to bring the annual inflation rate to 2%.
Economic activity in the Euro zone grew at a meager 0.8% annual rate in the first quarter.
Housing starts surged 13.2% in April driven by an increase in multifamily building to their highest level in five months. Also building permits rose 8% to hit the highest level in more than 5 years.
Walmart’s sales fell for a fifth straight quarter and its profit dropped 5%. The firm also warned that they expect weakness in future quarters.
AT&T agreed to purchase DirecTV for $49 billion creating a major media and television player that would have 26 million TV subscribers.
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