Financial News and Portfolio Management Discussion through January 10th
US stocks ended a volatile week down on global economic concerns. The S&P 500 sank 0.6% and the Dow fell 0.5% for the week. Internationally stocks were down as well with Japan falling 1.5% and Europe dropping 1.0%. The yield on the 10 year Treasury slid to 1.98% its lowest level since 2013. Oil continued its plummet finishing the week at $48.36 a barrel.
The December jobs report showed continued strong hiring with 252,000 jobs added in December. In addition 50,000 more jobs were added in October and November than previously estimated. The numbers conclude the best year in job growth in 15 years. The unemployment rate sank to 5.6% from 6.7% a year earlier. However, wage growth slowed 0.2% from November and is up only 1.7% over the year.
Auto makers had their best year since 2006 in 2014 with over 16.5M cars sold.
German inflation fell to 0.1% in December a five year low.
Eurozone inflation fell 0.2% in December. It’s the first contraction in five years. Much of the decline was driven by falling oil prices which could be a positive for consumers.
A future looking inflation rate for the US fell to its lowest level in 14 years and may cause the Fed to pause when considering raising interest rates.
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