Financial News for the Week Ending September 13th
US stocks streak of consecutive weekly gains ended at five as investors weighed the prospect of interest rate increases from the Fed sooner than previously expected. The S&P 500 dropped 1.1% and the Dow fell 0.9% for the week. Internationally, Europe fell 0.9%, while Japan gained 1.8% for the week. The 10 Year Treasury yield rose to finish the week at 2.612% as investors considered a potential increase in interest rates by the Fed.
The US dollar has strengthened as the US economy looks stronger than others around the world and with expectations of the Fed raising interest rates providing investors with better yields. The dollar currently is on its best winning streak in 17 years.
Retail sales rose 0.6% in August from July. July was also revised to an increase of 0.3%. Previously the reading had been flat. Consumers’ increasing their spending level is a strong sign for the economy.
GE has reached an agreement to sell its appliance division to Swedish firm Electrolux for $3.3 billion. The moves leaves the conglomerate with just credit and industrial arms.
Apple unveiled new product lines including a smartwatch, a mobile payment system and a larger screened iPhone 6.
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