First Qtr US GDP Slowed on Weak Consumer Spending

Financial News and Portfolio Management Discussion through April 29th

US Stocks rose over the week driven by the pro EU French election results and strong earnings reports. The S&P 500 was up 1.5% and the Dow gained 1.9% for the week. The Nasdaq hit a new all time high crossing the 6,000 threshold.  Abroad, Europe surged 2.4% and Japan jumped 3.1% for the week.  The yield on the 10 Year Treasury rose to 2.28%.

Centrist candidate Emmanuel Macron and far right candidate Marine Le Pen will head to a runoff vote after Sunday’s Presidential election in France. Polls suggest that Macron, a pro EU candidate, is expected to win.

The S&P Case Shiller Home Price index for February rose 5.8% from a year earlier.

The ECB elected to stand pat with their current easy money policies after their most recent meeting.

First quarter US GDP slowed on weak consumer spending. The economy grew at just 0.7%, the slowest pace in three years.

Caterpillar, McDonald’s, GM, Amazon, Alphabet, Intel, Chevron, Exxon, Microsoft, Honeywell, Samsung and Twitter all posted strong first quarters, while GE, Qualcomm, US Steel, Ford, Proctor and Gamble and PepsiCo disappointed.

With 60% of firms in the S&P 500 reporting, earnings for the first quarter are on pace to rise 12.5% from a year ago, well above the 9.1% estimate.

Becton Dickinson is purchasing C.R. Bard for $24 billion in a merger of medical supplies manufacturers.

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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