Financial News for the Week Ending June 28th
US stocks fell for the week on weaker economic news. The S&P 500 dropped 0.1% while the Dow sank 0.6%. International markets were down as well as, Europe sank 1.8%, while Japan was down 1.7%. The 10 Year Treasury ended the week at 2.53% down from the previous week as bond prices rose.
The final revision to first quarter GDP showed an even bleaker picture than previously thought. The economy contracted 2.9% in the first quarter, the worst degree of contraction since the recession.
Personal spending rose 0.2% in May and fell when factoring in inflation. The reading does little for optimism about economic growth.
The flash factory activity survey in China showed improvement hitting a seven month.
US existing home sales rose 4.9% in May to reach its fastest pace since October. However, they are still down 5% from the year earlier level.
Japan’s Prime Minister Abe revealed a package of measures designed to spur growth in the country.
New home sales jumped 18.6% in May, but the number likely represents a catch up from weaker sales early in 2014.
The Fed’s preferred inflation gauge, the price index for personal consumption expenditures, rose 1.8% in May from a year earlier, the highest level since October 2012.
Oracle agreed to buy Micros systems, a maker of software for retailers and hospitality providers for $5 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