Financial News and Portfolio Management Discussion through February 18th
US stocks continued their run of new record highs ending the week at an all time high on strong economic growth and corporate earnings. The S&P 500 rose 1.5% and the Dow gained 1.7% for the week. Internationally, Japan dropped 0.7%, while Europe was up 0.8% for the week. The yield on the 10 year Treasury was relatively flat for the week finishing at 2.43%.
In testimony on Capitol Hill Fed Chief Yellen stated an interest rate increase could come as soon as the Fed’s March meeting if economic news remains solid.
Retail sales rose a better than expected 0.4% in January from December and are up 5.6% over the past year.
US factory output increased 0.2% in January.
Inflation reached its highest annual pace in almost five years with the consumer price index rising 0.6% from December and up 2.5% over the past twelve months.
US new housing stats dropped 2.6% on a decline in multifamily construction.
UK retail sales fell for a third straight month, falling 0.3% in January as inflation has started to deter shoppers.
Verizon appears back on track to purchase Yahoo agreeing to reduce its purchase price by $300M after hacking revelations at Yahoo.
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