Fed’s Last Meeting of the Year, Westfield, Teva and Other News

Financial News and Portfolio Management Discussion through December 16th

US stocks ended the week at new record highs as it became clearer that tax reform would be passed. The S&P 500 gained 0.9% and the Dow rose 1.3% for the week. Internationally, Europe edged down 0.3% and Japan fell 1.1% for the week. The yield on the 10 year Treasury finished the week at 2.35% down from the previous week.

In the Fed’s last meeting of the year, the Fed voted to raise the Fed Funds rate a quarter percent to a range of 1.25% to 1.50%. It’s the third increase this year. They kept their expectations of three interest rate increases in 2018 the same as at earlier meetings.

Shopping mall operator Westfield agreed to a $15.7 billion takeover by European firm Unibail.

Disney reached an agreement to acquire a large portion of 21st Century Fox’s assets. They will pay $52.4 billion in the deal.

Teva is cutting 25% of its staff.

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.

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