Financial News and Portfolio Management Discussion through July 8th
US stocks edged up over the week aided by bank stocks. The S&P 500 ticked up just under 0.1% and the Dow gained 0.3% for the week. Internationally, Europe rose 0.2%, while Japan was down 0.5% for the week. The yield on the 10 year Treasury bond continued its recent rise ending the week at 2.39%. Oil prices sagged with a barrel ending the week at $44.23 down 3.9% on the week.
US employers added 222,000 workers in June well ahead of expectations. The unemployment rate rose to 4.4% as more people entered the workforce. Average hourly earnings rose 2.5% in June much lower than historical levels. In addition, April and May were revised higher.
US auto sales fell 2% over the first half of the year and 3% in June.
At the Fed’s June meeting they began planning for reducing their balance sheet and the debate moved to when that process would begin. September was considered likely.
QVC and the Home Shopping Network are merging in a $2.1 billion deal.
Berkshire Hathaway is buying Energy Future Holdings, one of the largest power transmission companies in the US, for $9 billion.
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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