Financial News for the Week Ending July 5th
US stocks finished the holiday shortened trading week at fresh all time highs driven by another strong jobs report. The S&P 500 rose 1.2% over the week, while the Dow topped the 17,000 milestone and was up 1.3%. Internationally, Europe rose 1.7% and Japan added 2.3%. The 10 Year Treasury yield rose to 2.64% on the positive economic news.
The June jobs report surpassed expectations with 288,000 jobs added. The unemployment rate dropped to 6.1% from 6.3%. It’s the lowest level since September 2008.
Auto sales gained 1.2% in June moving the annual rate to its highest pace since 2006.
The pace of manufacturing growth fell slightly in June but overall the second quarter posted strong growth.
GM recalled another 8.5 million vehicles driven by ignition switch defects to bring the cumulative total recalled vehicles for 2014 to 29 million.
BNP Paribas agreed to pay close to $9 billion, pled guilty to violating US sanctions and cannot conduct certain U.S. dollar transactions for a year. The firm hid $30 billion worth of transactions in violation of US sanctions against Sudan, Iran and Cuba.
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