US stocks sank over the week on geopolitical concerns with Syria, Russia and North Korea. The S&P 500 sank 1.1% and the Dow eased 1.0% for the week. Internationally, Japan fell 1.8% and Europe was off 0.2% for the week. The yield on the 10 year Treasury fell to 2.24%, its lowest level since mid November, as investors moved into safe haven investments.
Economist have lowered their growth forecasts for the first quarter and 2017 on increasing skepticism many of the campaign promises will materialize to same degree or at all.
Retail sales fell 0.2% in March from February and February was revised down from a 0.1% gain to a 0.3% decrease. It’s the first decline in two straight months since 2015.
Inflation unexpectedly eased in March with the CPI U falling 0.3% from February. Excluding food and energy it fell 0.1%.
An internal Wells Fargo report slammed former CEO Stumpf over the bank’s sales scandal and the firm is clawing back $75 million in pay from former executives.
JP Morgan and Citigroup posted sharp increases in profit in the first quarter, but warned investors that the benefits of higher interest rates and Trump’s election won’t help the banks as quickly as many investors expected.
Reposted from the Raffa Wealth Management Blog.
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