Oil Prices Continue their Precipitous Fall

Financial News and Portfolio Management Discussion through November 29th

US stocks gained over the holiday shortened week, hitting new record highs, over optimism on consumer spending into the holiday season. The S&P 500 rose 0.2% while the Dow edged up 0.1%. Internationally, both Japan and Europe gained 0.6%. Oil prices continued their precipitous fall as OPEC announced it would not cut production. Oil finished the week at its lowest level in 5 years at $66.15 a barrel. The 10 year Treasury yield sank to 2.17% as investors were concerned over global growth.

Image: Groceries are shown on the shelves at a Vons grocery store in Encinjtas, California
Photo courtesy of http://www.nbcnews.com

In the first revision of 3Q GDP the number was revised up to 3.9% from 3.5% when economist had expected a revision downward. The US grew at its fastest pace in more than a decade in the spring and summer quarters.

Europe posted its lowest level of inflation in five years and Japan posted its weakest pace this year adding to concerns about deflation and growth.

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

This entry was posted in Investment Advisory and tagged , , , , . Bookmark the permalink.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s