Existing Home Prices Hit All Time Nominal High

Financial News and Portfolio Management Discussion through July 25th

Global stocks sank over the week on fears of slowing growth in China and mixed earnings reports.  The S&P 500 fell 2.2% and the Dow dropped 2.9% for the week.  Internationally, Japan was off 0.5% and Europe declined 2.7% for the week.  The 10 year Treasury bond saw its yield sink on the global growth concerns to 2.27%.  Oil fell to $48.14 a barrel on China’s slowing growth.

Existing home prices hit an all time nominal high and grew at their fastest pace in more than 8 years in June.  The sales price increased by 6.5% and the pace increased 3.2%.

Photo courtesy of usnews.com

Jobless claims hit a 41 year low, a positive sign for the labor market.

China posted weakening factory activity in July with a reading showing contraction.

Lockheed Martin agreed to buy Sikorsky Aircraft from United Technologies for $9 billion on a bet military spending will rise.  It the largest deal in the defense industry in 20 years.  Lockheed also posted a 4.5% growth in profit and raised its forecast for the year both ahead of estimates.

Anthem agreed to purchase Cigna for $48 billion in a further consolidation of the largest US health insurers.

Morgan Stanley, GM, Amazon all posted earnings reports that topped Wall Street’s expectations, while IBM, Yahoo, Microsoft, Apple, Qualcomm, McDonalds, AT&T and United Technologies all missed forecasts.

Anglo American, the UK mining giant, announced it was cutting 53,000 jobs as commodity prices slump.

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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