US Industrial Production Posted 1st Quarterly Decline Since Recession

Financial News and Portfolio Management Discussion through April 18th

New worries about Greece exiting from the eurozone combined with economic concerns to sink global stock markets for the week.  The S&P 500 fell 1.0% and the Dow eased 1.3% for the week.  Internationally, Japan dropped 1.3% and Europe sank 2.2% for the week.  The 10 year Treasury yield fell to 1.85% as investors moved to the safe haven investment.  Oil ticked up again to end the week at $55.74 a barrel.

Retail sales rose 0.9% in March, but the number came in below expectations as consumers continue to hold back spending over recent months.

China’s economy grew at a 7% rate in the first quarter, its slowest pace since 2009.

US Industrial production, which measures the output of manufactures, utilities and mines fell 0.6% from February, worse than expected, and posted the first quarterly decline since the recession.

Fed officials recent comments have shown a rate increase in June is unlikely.

The CPI-U rose 0.2% in March.  Over the past year prices edged down 0.1%, but core inflation rose 1.8%.

Nokia agreed to buy Alcatel-Lucent for $16.6 billion in stock in a deal that would create a European telecom giant.

Intel, JP Morgan, Wells Fargo, Goldman Sachs, Citigroup, Blackstone, Netflix and GE all posted positive earnings reports, while American Express, Bank of America, Schlumberger disappointed.

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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