Financial News and Portfolio Management Discussion through August 5th
US stocks rose higher over the week on corporate earnings and another solid jobs report. The S&P 500 gained 0.2% and the Dow gained 1.2% and ended the week at a fresh all-time high. It also surged past the 22,000 level. Internationally, Europe % and Japan % for the week. The yield on the 10 year Treasury bond ended the week at 2.27%, down slightly from the previous week.
The July jobs report topped estimates by showing 209,000 new hires and the unemployment rate fell to 4.3%, a 16 year low. It was the 82nd straight month of job creation. Average hourly earnings continued to increase at 2.5%.
The Fed’s preferred measure of inflation was flat in June and is up 1.4% from the prior year, far below its 2% target and down from 2.2% in February.
Auto sales dropped significantly in July.
Eurozone inflation rose 1.2% in July slightly faster than expected.
Eurozone growth rose at a 2.3% pace in the second quarter and has outpaced the US over the past 18 months. Unemployment has steadily declined over the first half of the year as well.
Discovery agreed to buy Scripps Networks for $11.9 billion.
Of the 58% of firms in the S&P 500 that have reported earnings 72% topped analyst estimates.
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.
Image courtesy of reuters.com