New Home Sales Sank 11.4% in March

Financial News and Portfolio Management Discussion through April 25th

US Stocks hit a new record high to end the week on profit reports topping expectations. The S&P 500 gained 1.8% and the Dow rose 1.4% for the week.  Abroad, Japan rose 1.9% as the Nikkei finished above 20,000 for the first time in 15 years and Europe was up 1.2%.  The yield on the 10 year Treasury rose over the week to end at 1.92%.

China announced that it cut the reserve requirement by one percentage point for banks freeing up approximately $200 billion to lend in a move to help stimulate growth in the country.

New home sales sank 11.4% in March from February, but are up 19.4% from a year earlier.

Durable goods orders rose 4% in March, however the gain was due entirely to purchases of airplanes and cars.  Outside of transportation demand for big ticket items fell 0.2%.

Halliburton, Morgan Stanley, Facebook, Microsoft, Caterpillar, Google and Amazon all topped analysts’ expectations, while Yahoo, GM and McDonald’s disappointed investors.

Deutsche bank will pay $2.5 billion to settle allegation its employees manipulated the LIBOR rate.

Brazil gas giant Petrobras wrote off $17 billion due to losses from overvalued assets and graft tied to the corruption scandal.

Comcast announced it was dropping its planned $45.2 billion merger with Time Warner over regulatory concerns.

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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