Financial News and Portfolio Management Discussion through February 6th
World Stocks sank in the first week of February on weak economic news. Tech stocks were particularly hard hit for the week. The S&P 500 dropped 3.1%, while the Dow fell 1.6% for the week. Abroad Japan sank 4.0% and Europe plunged 4.8% for the week. The yield on the 10 year Treasury finished at 1.85%, a 10 month low.
The January jobs report showed a slower pace of hiring with 151,000 new hires being added well below the expectations of 180,000 and well below last year’s average rate of 228,000. However, there was good news. The unemployment rate fell to 4.9% for the first time since February 2008 and wages rose 2.5% from a year earlier.
US manufacturing activity fell for the fourth straight month in January however the rate of contraction eased.
Alphabet posted better than expected results at its internet business driving a rally in its share prices to make it the most valuable company in the world.
GM and Toyota outpaced expectations, while UBS, Chipotle, Exxon, BP, Credit Suisse and LinkedIn fell short
Yahoo said it would explore a possible sale and that it will cut 15% of its workforce.
China National Chemical Corp agreed to purchase Syngenta, the crop seed, herbicide and Insecticide company, for $43 billion.
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