Home Sales Hit their Fastest Pace in a Decade

Financial News and Portfolio Management Discussion through May 20th

US stocks ended down for the week after controversies surrounding the Trump administration shook markets. The S&P 500 and Dow fell 0.4% for the week.  Internationally, Europe declined 1.0% and Japan sank 1.5% for the week.  The yield on the 10 year Treasury eased as investors moved to safe havens.  The yield fell to 2.24% to end the week.

China’s economic activity slowed in many areas in April.

Home sales hit their fastest pace in a decade in the first quarter, rising 1.4%, and the national median home price surged 6.9% from a year ago.

Russia and Saudi Arabia released a joint statement saying additional production cuts were necessary through March of 2018. Oil prices rose 2%.

China’s central bank added $24.7 billion to markets to aid investor confidence, the most in four months.

Industrial production surged in April posting its beigest gain in over three years.

Japan’s economy picked up pace in the first quarter with GDP growth of 2.2%, above expectations.

Ford announced it was cutting 10% of its global workforce to improve profitability.

Europe is on pace to post a 16.2% jump in earnings per share in 2017 compared to a 10.5% jump in the US. First quarter earnings per share have grown 23% from a year earlier in Europe.

With nearly all of the S&P 500 firms reporting earnings they are on track to grow 13.9% from last year, the largest jump since 2011.

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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