Financial News and Portfolio Management Discussion through May 9th
US Stocks ended up after a volatile week on positive hiring news that while showing an improving economy it was not thought strong enough to push the Fed to act sooner. The S&P 500 rose 0.4% and the Dow gained 0.9% for the week. Internationally, Japan sank 0.8%, but Europe rose 1.4% for the week. The 10 year Treasury yield edged up over the week to finish at 2.15%.
The April jobs report rebounded with employers hiring 223,000 up from 85,000 in March, which was revised down. The unemployment rate also edged down to 5.4%, its lowest level since mid 2008. This occurred even as more people were looking for work.
The non manufacturing purchasing managers index came in above expectations in April.
Fed Chief Yellen made statements that the past years stock rally may have driven prices too high and stated that many bond investors are taking excessive risk.
With 447 companies in the S&P 500 reporting, expectations are for a 0.1% rise in earnings for the first quarter outpacing the 4.6% decline expected by analysts.
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