Financial News and Portfolio Management Discussion through October 15th
US Stocks fell over the week on a disappointing start to earnings season. The S&P 500 dropped 1.0% and the Dow slipped 0.6%, for the week. International markets were flat with both Europe and Japan relatively unchanged for the week. The yield on the 10 year Treasury rose to 1.792%.
In minutes released from the Fed’s September meeting it showed there was considerable disagreement among officials about continuing to hold rates steady and reinforced expectations that they would raise rates before the end of the year.
September retail sales rose 0.6%.
After weak Chinese data earlier in the week Chinese producer prices turned positive for the first time since 2012, a good sign for economic growth.
Alco kicked off earnings season by cutting its forecast and posting a drop in revenue disappointing investors.
Wells Fargo’s chief John Stumpf announced he was stepping down from the firm immediately in the wake of the sales-tactics scandal.
Samsung cut its earnings guidance and Ericsson issued a profit warning.
Wells Fargo, Citigroup and JP Morgan all saw earnings fall, but topped expectations.
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