US Existing Home Sales Rose in April

Financial News and Portfolio Management Discussion through May 21st

US stocks were flat for the week as investors focused on the Fed’s next interest rate increase. The S&P 500 rose 0.3%, but the Dow declined 0.2% for the week. Internationally, Japan jumped 2.0% and Europe rose 1.0% for the week. Oil continued to climb from lows seen earlier this year finishing the week at $47.75 a barrel up 3.3% over the week. The yield on the 10 year Treasury jumped from 1.71% last week to 1.85% on increased expectations for an interest rate increase over the summer.

Japan posted 1Q GDP of 1.7% bouncing back from the 1.7% contraction in the fourth quarter lifted by consumers. The growth rate well surpassed expectations.

Three Fed officials stated there was potential for a rate increase at the Fed’s June meeting. Minutes from the Fed’s April meeting showed an interest rate hike was firmly on the table in economic news continued to show the US economy progressing.

Industrial production jumped 0.7% in April its largest increase since November of 2014.

Factory output rose 0.3% in April after falling in March.

Housing starts rose 6.6% in April and building permits picked up 3.6%. US existing home sales rose in April 1.7% from March posting the second straight month of gains.

The CPI edged up 0.4% in April the largest one month increase since February 2013, while core prices rose 0.2%. Core prices are up 2.1% from a year earlier.

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

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