Financial News and Portfolio Management Discussion through August 26th
US stocks rose for the first time in three weeks on advances across a board swath of sectors. The S&P 500 gained 0.7% and the Dow rose 0.6% for the week. Internationally, Europe was flat and Japan posted its sixth straight weekly decline edging down 0.1%. The yield on the 10 year Treasury ended the week at 2.17% down slightly from the previous week.
New home sales plunged 9.4% in July as a lack of inventory has come on the market.
Unemployment has fallen to an 8 year low of 9.1% in the Eurozone.
Japan’s economy grew by 4% in the second quarter.
In speeches at the Jackson Hole economic Symposium Fed Chair Janet Yellen and ECB president Draghi offered few clues on the future moves by their central banks but gave a strong defense for the regulations put in place to ensure increased financial market stability and condemned protectionist trade policies.
Sempra reached a deal to buy power transition company Oncor for $9.45 billion outbidding Berkshire.
Total agreed to buy Maersk’s oil group for $5 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.