Financial News and Portfolio Management Discussion through June 18th
Stocks sank over the week on growing fears that Britain would vote to leave the EU. The S&P 500 fell 1.2% and the Dow dropped 1.1% over the week. Internationally, Japan plunged 6.0% and Europe sank 2.1% for the week. The yield on the 10 year Treasury ticked down for the third straight week to finish at 1.62% its lowest level since August 2012.
US retail sales rose a better than expected 0.5% in May.
The Fed elected to keep short term interest rates unchanged as expected, but also lowered their expectations for rate increases in future years at their June Meeting.
US inflation rose 0.2% in May driven by rents and gas for the third straight monthly increase. Overall prices are up 1.0% from a year earlier. Excluding food and energy prices are up 2.2%.
The Bank of Japan elected to stand pat and not adopt any new stimulus measures.
Microsoft agreed to buy LinkedIn for $26.2 billion making it the largest acquisition in the company’s history.
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