Financial News and Portfolio Management Discussion through July 29th
US stocks edged down over the week on weakness from tech companies. The S&P 500 ticked down 0.1%, while the Dow, driven by a few firms reporting earnings, gained 1.2% for the week. Internationally, Europe fell 0.5% and Japan dropped 0.7% for the week. Oil surged over the week over concern of supply disruptions from Venezuela. Oil rose 8.6% to $49.71 a barrel. The yield on the 10 year Treasury ended the week at 2.29%, up from the previous week.
The Fed announced after its July meeting that it would begin reducing its balance sheet of bond holdings “relatively soon.” Investors believe this could mean the September meeting. The Fed Funds rate remained in the 1% to 1.25% range.
US GDP rose 2.6% in the second quarter as the country entered its ninth year of economic expansion.
Michael Kors agreed to buy Jimmy Choo for $1.2 billion.
Foxconn announced it would build a $10 billion factory in Wisconsin that would lead to 3,000 jobs.
With over half of companies in the S&P 500 reporting earnings, they are on track to grow 9.1% from a year earlier.
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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