Consumer Spending was Flat in August

Financial News and Portfolio Management Discussion through October 1st

US Stocks ended the third quarter on an upbeat note. The S&P 500 edged up 0.1% while the Dow gained 0.3% for the week.  Abroad, Europe fell 0.7% weighed down by concerns about Deutsche Bank and Japan slumped 1.8% for the week.  The yield on the 10 year Treasury was flat for the week and month ending at 1.61%.

Durable goods orders were flat in August showing that businesses have failed to ramp up spending.

OPEC agreed that production cuts were necessary and planned to reach a decision on the cuts in November.

The final revision to 2Q GDP showed the quarter grew at a 1.4% pace, which drove economists to revise their expectations for third quarter growth higher.

Consumer spending was flat in August.

After expecting over much of the year to see profit begin to growth again in the third quarter at S&P 500 firms the latest projections show yet another earnings contraction of 2.1% for the quarter.

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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