Financial News for the Week Ending July 12th
US Stocks posted their worst week since April as investors fretted over earnings season and fallout from financial problems at a large Portuguese bank. The S&P 500 fell 0.9% and the Dow sank 0.7%. Abroad, Japan dropped 1.8% and Europe sank 3.2% as fears similar to the European debt crisis spread. The 10 Year Treasury yield sank to 2.52% as investors moved to safe havens.The minutes released from the Fed’s June meeting show the bank setting a definite end date to its bond purchase program of October. There is still much debate within the Fed about how much and when to raise interest rates, but the expectation is for rate increases to begin sometime mid next year.
Alcoa kicked off earnings season with a bang moving back to profitability and outpacing expectations by 50%.
Wells Fargo posted second quarter earnings that met analysts’ expectations, but weakness in the mortgage market and a lack of lending opportunities continue to be issues.
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