Financial News and Portfolio Management Discussion through January 13th
US Stocks ended the week at new record highs driven by high expectations for 4Q earnings season. The S&P 500 rose 1.6% and the Dow climbed 2% for the week. Abroad, Europe edged up 0.3% and Japan edged down 0.3% for the week. The yield on the 10 year Treasury bond rose to 2.55%, the highest level since March as inflation expectations have risen over recent weeks.
Minutes from the ECB’s December meeting show the central bank might look to cut back its bond buying program sooner than investors had previously expected. With potential cut back beginning in early 2018.
Industrial production is surging in the Eurozone as it was up 1% in November.
Retail sales rose 0.4% in December.
Inflation rose 0.1% in December, but core prices jumped 0.3%, the most in 11 months.
JP Morgan and Wells Fargo earnings were roiled by the tax overhaul, but both projected future profits would be boosted by the changes.
Corporations are expected to post earnings growth of 10% in the first quarter.
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.