Financial News and Portfolio Management Discussion through August 20th
US Stocks were relatively flat over the week as investors considered the potential for a Fed interest rate increase in September. The S&P 500 and Dow ticked down 0.1% for the week. Internationally, Europe sank 1.7% and Japan fell 2.2%. Oil has rallied rising 9% over the week on supply cut expectations. The yield on the 10 year Treasury bond rose to 1.58%.
The minutes released from the Fed’s July meeting showed a variety of opinions, but the desire to have greater consensus from economic factors before raising rates. A rate increase in September was a possibility.
With roughly 95% of firms in the S&P 500 reporting earnings, they are on track to contract for the fifth straight quarter falling 3.2%, however this tops the 5.3% decline 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