Financial News and Portfolio Management Discussion through October 29th
Stocks sank over the week on weaker earnings reports. The S&P 500 fell 0.7%, but the Dow ticked up 0.1% for the week. Internationally, markets were mixed with Japan surging 1.5%, while Europe sunk 1.0% for the week. The yield on the 10 year Treasury bond surged to 1.85%, its highest yield since the end of May, as inflation expectations around the world have picked up.
US GDP Growth rose at a 2.9% rate in the third quarter, the strongest reading in 2 years.
Consumer inflation in the US and Europe is at its fastest pace since 2014 and Chinese factory prices rose for the first time in 4 and half years.
TD Ameritrade agreed to buy Scott Trade for $4 billion in a tie up of two discount brokers.
Qualcomm agreed to buy automotive chip maker NXP for $39 billion.
October set a record for most merger and acquisition activity with $248.9 billion worth of deals.
GM, Samsung, Ford, Amazon and AB InBev all disappointed investors with their results while Apple, Tesla, Deutsche Bank, Alphabet and Volkswagen topped investor views.
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