Financial News and Portfolio Management Discussion through May 6th
US stocks hit new all time highs on strong corporate earnings and a positive jobs report. The S&P 500 rose 0.6% and the Dow edged up 0.3% for the week. Internationally, Japan gained 1.3% and Europe jumped 1.9% for the week. The yield on the 10 year Treasury ended the week at 2.35% up 0.07% from last week. Oil prices have dipped falling 6.3% over the week to finish at $46.22 a barrel.
US manufacturing activity eased in April, but was still in expansion territory. It was the second straight month of declines.
Auto sales continued to decline in April with truck and SUV sales surprisingly sluggish. Sales fell 4.7% from a year earlier.
Puerto Rico went under court protection effectively making it the largest ever US municipal bankruptcy. The territory and its agencies owe $73 billion.
The Fed announced after their meeting that they believe economic growth would improve after the weak first quarter and remain on pace to make 2 more interest rate increases this year.
The House approved a health care bill that repealed significant portions of the Affordable Care Act. It now faces an uncertain fate in the senate.
The unemployment rate fell to 4.4%, the lowest level since May 2007, in April. Hiring picked up with 211,000 jobs added, outpacing expectations.
Earnings for firms in the Stoxx Europe 600 are expected to rise 5.5% over a year ago.
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.