Financial News and Portfolio Management Discussion through October 22nd
Stocks rose over the week on earnings and merger news. The S&P 500 gained 0.4% and the Dow ticked up less than 0.1% for the week. Abroad, Japan surged 1.9% and Europe jumped 1.3% for the week. The yield on the 10 year Treasury ticked down to finish at 1.74%.
China GDP rose 6.7% in the third quarter in line with 2Q and expectations. The growth is being aided by easy credit and other stimulus measures.
At the ECB’s most recent meeting they elected to not make any changes to its bond buying stimulus program, but made statements alluding to a possible extension of its bond buying program at its December meeting. It is currently set to end in five months.
BAT made a $47 billion bid to buy the rest of Reynolds American to create the world’s largest tobacco firm.
AT&T agreed to purchase Time Warner for $85 Billion combing media and telecommunications giants and will be closely reviewed by regulators.
B of A, United, Netflix, Microsoft, Goldman Sachs, Morgan Stanley, Intel, McDonald’s, Yahoo and IBM beat forecasts, while Verizon and GE fell short of 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