Financial News and Portfolio Management Discussion through April 22nd
US stocks rose over the week on positive earnings reports. The S&P 500 gained 0.9% and the Dow rose 0.5% for the week. Abroad, Europe eased 0.6% ahead of the French election and Japan had its best week since February jumping 1.6% for the week. The yield on the 10 year Treasury bond ended the week at 2.23% and in line with the previous week. Oil fell below $50 a barrel dropping 7.4% over the week.
China posted a higher than expected 6.9% GDP growth rate in the first quarter, the fastest rate of growth since the third quarter of 2015. The pace is well ahead of its 6.5% annual growth target.
UK Prime Minister Theresa May called for early elections in June in order to strengthen her position in the country’s upcoming negotiations to leave the EU.
Netflix, United, VW, BofA, Morgan Stanley, Honeywell, American Express and Blackrock posted positive earnings reports, while IBM, Goldman Sachs, Qualcomm, Verizon and GE disappointed.
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.