Financial News and Portfolio Management Discussion through January 21st
US stocks eased over the week as investors await changes by the new administration. The S&P 500 ticked down 0.1% and the Dow dropped 0.3% for the week. Internationally, Europe fell 0.9% and Japan 0.8% for the week. The yield on the 10 Year Treasury rose to 2.48% over the week, the highest level in 2017, as inflation expectations increased.
The CPI rose 2.1% in December over the trailing year, rising above the 2% level for the first time in 2.5 years.
ECB chief Draghi stated they would continue with their stated plans of buying bonds through the end of the year.
China posted a 6.7% GDP growth rate for 2016 as the easy credit and state spending initiatives aided the economy.
In a speech Fed Chief Janet Yellen stated they would continue to look to raise the fed funds rate cautiously and gradually.
Morgan Stanley, Goldman and Citigroup all posted earnings that topped estimates as big banks gained on a surge in trading to end the year.
BAT agreed to take full control of Reynolds in a $49.4 billion deal.
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