Financial News and Portfolio Management Discussion through December 26th
Stocks posted their best week in over a month driven by a rebound in the energy sector. The S&P 500 gained 2.8% and the Dow rose 2.6% for the week. Internationally, Europe increased 1.4%, while Japan declined 1.2% for the week. Oil bounced back rising 5.7% for the week to finish at $38.10 a barrel. The yield on the 10 year Treasury bond rose to 2.25%.
The Bank of Japan announced additional measures to support their monetary easing program.
Third quarter US GDP growth was revised down to 2.0% from 2.1%. The growth was driven by a 3% increase in consumer spending.
Existing home sales dipped 10.5% driven by limited inventory and delays in closings driven by new regulations. The results were vastly below expectations.
Retail spending rose 0.3% in November over October while durable goods orders were flat.
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