Financial News and Portfolio Management Discussion through May 14th
US stocks fell for the third straight week on weak earnings reports. The S&P 500 was off 0.5% and the Dow fell 1.2% for the week. Internationally, Europe rose 0.9% and Japan gained 1.9% for the week. The yield on the 10 year Treasury dropped to finish the week at 1.71%. Oil rose 3.5% over the week.
US consumers’ spending increased to the highest level in over a year rising 1.3% in April.
Corporate profits topped expectations for the first quarter despite contracting for a fourth straight quarter.
Disney posted revenue and earnings that fell short of expectations.
Macy’s, JC Penny’s, Kohl’s, Nordstrom and other retailers posted weak numbers signaling major concerns for the department store brick and mortar retailers.
A judge blocked the merger of Office Depot and Staples due to antitrust concerns and the firms said they have abandoned the $6 billon transaction.
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