Financial News and Portfolio Management Discussion through February 13th
Stocks rallied to end the week, but overall stocks sank over the week on the familiar themes of global growth concerns, low oil prices and central bank moves. The S&P 500 was off 0.9% while the Dow sank 1.4% for the week. Internationally, Japan plummeted 11.1% and Europe plunged 4.1% for the week. The yield on the 10 year Treasury plunged to 1.75% over the week as investors sought safe havens. Oil prices surged to end the week on potential output cuts, jumping over 12% on Friday, but still ended the week down 4.7% at $29.44 a barrel.
In testimony before congress Fed Chief Yellen said the Fed would take a cautious look at future interest rate increases due to the increasing risks to the economy seen in recent weeks.
Consumer spending rose 0.2% in January and December’s retails sales were revised from a decline to a 0.2% gain.
With over three quarters of companies in the S&P 500 having reported earnings roughly half have topped revenue expectations and earnings are on pace to fall 3.7% compared to the 4.7% projected.
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