Financial News and Portfolio Management Discussion through December 6th
US Stocks ended the week at another record high on the strong jobs report. The S&P 500 rose 0.4% and the Dow gained 0.7% for the week. Internationally, Japan jumped 2.6% and Europe was up 1.1%. The 10 year Treasury yield rose to 2.31% on the positive economic news and the increased likelihood for the Fed raising interest rates earlier in 2015.
US hiring accelerated in November as 321,000 jobs were added. Also an additional 44,000 jobs were added in September and October. The year is on pace for the best job growth since 1999. The unemployment rate remained at 5.8%.
Japan’s credit rating was cut by Moody’s as the credit rating agency said there was no certainty over whether the country could pay down its deficit after a tax increase were delayed. The rating was lowered to A1 from Aa3.
Manufacturing readings in Germany, France and Italy showed contraction in November.
US manufacturing is still strongly in growth territory, however the reading edged down slightly from October.
US auto sales posted another strong month reaching 17.1 million vehicles annualized pace; the highest rate since 2003.
The ECB discussed taking more drastic measures in its most recent meeting, but elected to defer any action until early in 2015.
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