Financial News and Portfolio Management Discussion through August 19th
US stocks ended the week down on political turmoil, weak corporate earnings and terrorist attacks. The S&P 500 was down 0.7% and Dow fell 0.8% for the week. Abroad, Europe rose 0.6% and Japan sank 1.3% for the week. The yield on the 10 year Treasury was flat for the week ending at 2.20%.
Weak earnings from retailers and declines in energy prices drove both sectors down and both were primary drivers in the decline in US Stocks for the week.
The pace of growth slowed in China in July as industrial output, retail and housing sales and fixed asset investment all ticked down from June and were lower than forecast.
US retail sales rose 0.6% in July, more than expected, and June’s rate was revised higher, but debt levels have increased and savings rates have fallen.
Minutes from the Fed’s July meeting showed that concerns over weak inflation is bringing reservations about the timing of the next interest rate increase. They originally expected to make another interest rate increase later this year. However, they were in agreement about beginning to unwind their balance sheet, perhaps as soon as September.
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 businessinsider.com