Financial News and Portfolio Management Discussion through November 14th
US stocks sank over the week for the first drop in six weeks on weak consumer spending in the US and weak international economic numbers. The S&P 500 fell 3.6% and the Dow dropped 3.7% for the week. Internationally, Japan gained 1.7%, but Europe was off 2.7% for the week. The yield on the 10 year Treasury eased over the week to finish at 2.28%. Oil fell to near $40 a barrel on lackluster global growth and continued high supply.
China’s exports dropped 6.9% in October for its fourth straight monthly decline, reflecting weak global growth.
US Retail sales edged up 0.1% in October after two flat months. Cheaper gas has not led to increased sales.
Molson reached a $12 billion agreement to buy the remaining portion of the joint venture it has with MillerCoors. The move opens a path for SABMiller to be bought by AB InBev.
AB InBev formally agreed to buy SABMiller for $108 billion; the deal now beings the process of regulatory review.
Macy’s announced a 5.2% drop in sales and lowered its yearly forecast, far worse than expectations.
Cisco topped expectations for the past quarter, but issued a poor outlook.
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