Financial News and Portfolio Management Discussion through September 20th
US Stocks rose over the week driven by the Fed reaffirming its easy money stance. The S&P 500 rose 1.3% and the Dow gained 1.7% for the week. Abroad, Japan was up 2.3% while Europe rose 1.2% for the week helped by the Scottish vote to remain part of the UK. The yield on the 10 Year Treasury bill ended the week at 2.59% down slightly from last week as prices rose from the Fed’s statement.
After the Fed’s most recent policy meeting there were no new revelations about when they expect to start raising rates and no changes in language from their statement. They will continue to curtail the bond purchasing which is set to end next month.
CalPERS announced it would exit its $4 billion hedge fund portfolio as it looks to simplify its investments; a move that is sure to reverberate around the industry given its status as the largest US public pension plan.
Oracle founder and CEO Larry Ellison announced he is stepping down from the company he has run since 1977.
Home Depot announced that 56 million cards have been exposed to the hackers who attacked their payment systems over five months.
Alibaba, the Chinese ecommerce company, soared in its trading debut finishing the day at $93.9 a share after its IPO price of $68. The price values the company at $231 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