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.
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