Credit Suisse Plead Guilty to Aiding American Citizens in Tax Evasion

Financial News for the Week Ending May 24th

US stocks closed at another record high to end the week on a quite week of trading driven by positive economic and corporate earnings reports. The S&P 500 finished over 1,900 for the first time. The S&P 500 gained 1.2% and the Dow rose 0.7%. Abroad, Europe rose 0.8% for its sixth straight weekly gain and Japan hit a three week high up 2.6%. The 10 year Treasury yield ended the week up slightly at 2.54% on the positive move in stocks.

The most recent manufacturing purchasers index in China showed signs of stabilization.

Sales of existing homes rose 1.3% in April in a positive sign for the housing sector.

New home sales accelerated from March in April, but are down 4.2% from the pace seen last year.

Credit Suisse plead guilty to aiding American citizens in tax evasion and agreed to pay $2.6 billion to settle the case.

AT&T agreed to purchase DirecTV for $49 billion creating a major media and television player that would have 26 million TV subscribers.

With 90% of S&P companies reporting the first quarter saw a 2.1% increase in profit down from the 8.5% gain seen last quarter.

GM added another 2.4 million vehicles to its recalled list bringing the total costs for repairing faulty vehicles to $1.7 billion.

HP announced it would cut between 11,000 and 16,000 jobs as it looks to improve operations after posting a drop 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

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