Financial News and Portfolio Management Discussion through June 10th
US Stocks were mixed over several market moving events and a sharp drop in tech company shares to end the week. The S&P 500 eased 0.3% and the Dow rose 0.3% for the week. Internationally, Europe was off 0.6% and Japan fell 1.3% for the week. The yield on the 10 Year Treasury edged up to 2.20%. Oil prices have continued to slide ending the week at $45.83 a barrel down 3.8% for the week.
The World Bank estimates that global growth will reach a seven year high of 2.9% next year.
The UK election surprised pundits again with the ruling Conservative Party losing its majority. The election was called to strengthen the Theresa May and her parties hand, but instead weakened it heading into negotiations to exit the EU.
US worker productivity was revised upwards to be flat in the first quarter. Compared to a year ago it gained 1.2%.
After an ECB meeting President Draghi revealed a more upbeat outlook and stated they probably would not need to cut rates again, but did not reduce any of the simulative actions its taking.
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.