Financial News and Portfolio Management Discussion through March 4th
US stocks posted their sixth straight week of gains posting record highs yet again on investor optimism. The S&P 500 rose 0.7% and the Dow gained 0.9%, for the week. Internationally, Japan was up 1.0% and Europe surged 1.4%, for the week. The yield on the 10 year Treasury yield rose to 2.49% up 0.17% over the week as investors expected an interest rate increase from the Fed in March.
Recent comments by Fed Chairwomen Janet Yellen and other Fed Governors have increased the likelihood of a March interest rate increase.
US auto sales were flat in February with discounts weighing on automakers.
The DOL “fiduciary” rule was delayed 60 days to allow further consideration.
The Fed’s preferred measure of inflation rose to 1.9% in January, close to its target of 2.0%
Eurozone business grew more upbeat in February with confidence reaching the highest level since before the financial crisis.
Caterpillar’s offices were raided by the IRS and other government agencies over suspected misleading information released about its financial documents and exports.
Snap’s IPO soared, rising 44% on its first day to value the company at $34 billion.
Target posted declines in profit and sales and said 2017 would be worse than Wall Street expected.
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
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