Financial News and Portfolio Management Discussion through August 12th
US stocks posted their worst week since May on weak earnings from retailers and North Korea tensions. The S&P 500 fell 1.4% and the Dow dropped 1.1% for the week. Abroad, Japan eased 1.1% and Europe sank 2.7% for the week. The yield on the 10 year Treasury fell as investors moved to safe havens ending the week at 2.19%, its lowest level since June. The VIX hit the highest level of the year during the week.
Worker productivity picked up in the second quarter rising 0.9% up from 0.1% in the first quarter. However, the pace remains well below the level required to see GDP growth accelerate.
US inflation continued to be subdued in July. The CPI rose 0.1% from the prior month and is up 1.7% over the trailing year, below the Fed’s target.
Vantiv agreed to buy Worldpay for $10.4 billion in a tie up of payment processing giants.
Reposted from the Raffa Wealth Management Blog.
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