Financial News and Portfolio Management Discussion through May 28th
Global markets charged higher over the week on stronger economic news and a better comfort level with the Fed’s potential interest rate moves. For the week, the S&P 500 jumped 2.2% and the Dow rose 2.1%. Internationally, Europe surged 3.4% and Japan gained 0.6% for the week. The yield on the 10 year Treasury was flat for the week staying at 1.85%. Oil continued to rebound hitting $50 a barrel during the week and closing at $49.33.
In a speech Fed chairwoman Yellen said that the Fed will look to raise interest rates in the next few months assuming US economic reports remain steady.
New home sales in April posted their best month in over 8 years and prices reached a record level.
Pending home sales rose to the highest level in over 10 years gaining 5.1% in April.
Business investment fell 0.8% in April.
US first quarter GDP was revised higher to 0.8% from the initially projected 0.5%, but below what economist had expected.
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