Financial News and Portfolio Management Discussion through July 18th
Global stocks posted another week of gains on an agreement with Greece and its creditors and positive earnings news. The S&P 500 gained 2.4% and the Dow rose 1.8% for the week. The tech heavy Nasdaq driven by Google hit an all time high on Friday and rose 4.3% for the week. Abroad, Japan surged 4.4% and Europe jumped 4.3% for the week. The yield on the 10 year Treasury retreated ending the week at 2.35%.
Greece’s parliament formally approved the severe austerity measures required to receive the new bailout package.
US retail sales fell 0.3% from May in June and the previous two month’s estimates were revised down as well. While choppy, the overall trend has shown improvement.
China’s growth remained at 7% in the second quarter. It’s in line with the target for the year and above estimates of 6.8%.
In testimony before congress Fed Chairwomen Yellen said the Fed remained on track to raise interest rates this year.
The CPI rose 0.3% in June from May and is up 0.1% from a year earlier. Core prices rose 0.2% in June and 1.8% from a year ago.
Home construction jumped 9.8% in June driven by multifamily buildings, outpacing projections.
Chinese state owned firm Tsinghua Unigroup offered to purchase Micron Technology for $23 billion.
JP Morgan, Intel, Netflix, Citigroup, Goldman Sachs, Google, GE and Honeywell all posted earnings reports that beat expectations.
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