Financial News for the Week Ending June 7th
US Stocks hit yet another record high on positive economic news highlighted by the jobs report. The S&P 500 rose 1.3% and the Dow gained 1.2% for the week. International markets were up as well with Japan rising 3.0% and Europe posting a 0.9% gain for the week. The 10 year Treasury yield rose to 2.60% on the positive news for the economy.
The US job market hit a milestone as the country has now regained all the positions it lost during the financial crisis. Employers added 217,000 jobs in May and the unemployment rate stayed at 6.3%. However, many of the job gains are in lower paying areas of the economy.
US manufacturing picked up its pace in May over April making it the fourth straight month of gains.
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US auto sales rose 11% in May.
Euro zone inflation sank to 0.5% in May its lowest level in four years and provided further support for ECB action. The central bank announced over the week that it would step up their stimulus measures by cutting its main lending rate from 0.25% to 0.15%, cut the rate on bank deposits with the central bank to negative 0.1%, and make $545 billion in cheap loans to banks later this year with four year maturities.
Thomson Reuters retail index saw a 4.6% increase in May as sales posted their third monthly increase in a row.
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