Financial News and Portfolio Management Discussion through October 14th
US stocks ended the week higher and hit records during the week on a positive outlook for third quarter earnings. The S&P 500 gained 0.2% and the Dow rose 0.4% for the week. Abroad, Japan surged 2.2% and Europe climbed 0.5% for the week. The yield on the 10 year Treasury bond eased over the week ending at 2.28%.
The IMF raised its estimate of international growth to 3.6% this year and 3.7% in 2018.
Minutes from the Fed’s September meeting showed most officials agreed they would raise interest rates one more time this year, but weak inflation remained a concern.
Social Security payments will rise by 2% starting in late December for the largest increase in six years. However, the rising costs of healthcare likely offset much of the increase.
Banks began reporting earnings with JP Morgan, BofA and Citigroup topping expectations, while Wells Fargo disappointed.
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.