Financial News and Portfolio Management Discussion through February 27th
Global stocks posted their second consecutive week of gains on positive economic news and rising oil prices. The S&P 500 rose 1.6% and the Dow gained 1.5% for the week. Internationally, Japan rose 1.4% and Europe gained 1.6% for the week. The yield on the 10 year Treasury edged up slightly for the week to 1.77%. Oil rose 3.2% over the week to finish at $32.78 a barrel.
Existing home sales spiked 0.4% in January for the best sales pace since July. Home prices have also risen with price up 5.4% in 2015 per the S&P/Case Shiller Home Price Index.
Durable goods orders rose 4.9% in January, reversing recent declines.
Consumer spending rose at 0.5% in January, its fastest pace in 8 months.
Revised 4th quarter GDP showed growth at 1.0% up from the previously estimated 0.7%.
The price index for personal consumption expenditures, what the fed favors for inflation, was up 1.3% over the past year in January. While still below the Fed’s target of 2.0%, it is significantly from the 0.7% annual gain posted a month earlier.
Earnings are on track at S&P 500 firms to drop for three straight quarters. With 95% of S&P 500 companies reporting, earnings have dipped 3.6% from a year ago in the fourth quarter.
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