NASDAQ Jumped Driven by Technology and Biotech Companies

Financial News and Portfolio Management Discussion through September 17th

US stocks gained over the week as investors reassessed the potential for a Fed rate hike in September. The S&P 500 rose 0.5% and the Dow gained 0.1%.  The NASDAQ jumped 2.3% driven by technology and biotech companies.  Internationally, Europe fell 2.2% and Japan dropped 2.6% for the week.  Oil dropped to its lowest level in a month at $43.08 a barrel, down 6.2% for the week.  The yield on the 10 year Treasury ticked up over the week to 1.70%.

Recent comments and interviews from Fed officials make it appear that an increase in the Federal Funds rate is not likely until late in the year.

Retail sales fell in August for the first time since March.

The CPI rose 0.2% in August with core prices gaining 0.3%. Over the past year prices are up 1.1% with core prices up 2.3%.

Fertilizer firms Potash and Agrium agreed to a merger forming a $27 billion company.

Bayer agreed to buy Monsanto for $57 billion creating a farm giant.

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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