US Stocks Slid for Third Straight Week

Financial News and Portfolio Management Discussion through March 14th

US Stocks slid for the third straight week on concerns over future corporate earnings due to the spike in the dollar.  The S&P 500 sank 0.9% and the Dow dropped 0.6%.  Internationally, Europe rose 0.6% and Japan was up 1.5% with the Nikkei topping the 19,000 mark for the first time in 15 years. The Euro sank to a 12 year low against the dollar and is near parity.  Oil plunged again on additional supply finishing at $44.84 a barrel.  The 10 year Treasury yield eased over the week to finish at 2.13%.

The ECB began their $1.1 trillion bond buying program.

The Fed is considering removing language at its March meeting stating it will remain “patient” before raising interest rates.  This could open the door to a rate increase in June.

US retail sales fell for the third straight month falling 0.6% in February.

Goldman Sachs, JP Morgan and Morgan Stanley all passed the Fed’s 2015 stress tests after adjusting their plans to return capital to investors to meet Fed thresholds.  Bank of America received conditional approval.

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

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