June Jobs Report Blew Past Expectations

Financial News and Portfolio Management Discussion through July 9th

Global stock markets were mixed as US stocks surged on the positive US jobs report, while foreign stocks were still dealing with the fallout of the Brexit vote. The S&P 500 briefly touched an all time high on Friday and was up 1.3% for the week.  The Dow rose 1.1% for the week.  Abroad, Europe fell 1.5% and Japan sank 3.5% for the week.  Safe haven investments continued to surge with the 10 year Treasury hitting a record low yield of 1.366%.

The June jobs report blew past expectations with 287,000 new hires. However previous months were revised down.  The unemployment rate ticked up to 4.9% as more workers entered the workforce.  Wages are up 2.6% over a year ago to match the fastest growth since 2009.

The Bank of England relaxed capital requirements at banks in order to help quell any possible economic slowdown freeing up roughly $200 billion to lend.

Regulators have revoked Theranos’ license to operate a lab in California and banned founder Elizabeth Holmes from blood testing for at least two years in a major blow to the firm that was valued at $9 billion as recently as 2014.

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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