Financial News and Portfolio Management Discussion through December 2nd
US stocks rose over the week on increasing expectations for tax reform. Both the Senate and House approved separate tax reform bills, which now need to be reconciled. The S&P 500 gained 1.5% and the Dow surged 2.9% for the week. Internationally, Europe fell 0.7%, while Japan rose 1.4% for the week. The yield on the 10 year Treasury ended the week at 2.36% up slightly over the previous week.
The number of people visiting stores on Black Friday fell 4% while the online purchases rose 18%.
New home sales rose in October for the second month in a row driven by entry level buyers. They are up 19% over the past year and at a 10 year high.
Total economic output in the third quarter ran slightly higher than a sustainable level meaning the economy was operating at its full potential for the first time in a decade.
Third quarter GDP was revised up to 3.3% from 3.0%.
OPEC and a Russian group of big oil producers agreed to limit oil output through the end of 2018. They are pledging to withhold about 2% of the worlds daily output.
Consumer spending rose 0.3% in October after jumping 0.9% in September.
Consumer confidence has risen five straight months and is at a 17 year high.
Bitcoin has surged over the year returning over 955% and surpassing the $11,000 mark.
Meredith agreed to pay $1.85 billion for Time.
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.