Financial News and Portfolio Management Discussion through February 24th
Stocks rallied to end the week as the advance in interest rates relaxed. The S&P 500 gained 0.6% and the Dow rose 0.4% for the week. Abroad, Japan climbed 0.8% and Europe edged up 0.1% for the week. The yield on the 10 year Treasury ended flat for the week at 2.87%.
In the minutes from the Fed’s January meeting they signaled increasing confidence in the US economy and held steady to their plan to raise interest rates three times this year. The confident outlook in the economy led many investors to wonder if they may accelerate their current plans. The next increase could come as soon as March.
Albertsons announced it would buy the rest of Rite Aid that isn’t being sold to Walgreens.
Walmart had troubles with its online inventory weakening sales in the fourth quarter.
Toys-R-US announced it would close 200 more stores and cut staff as it posted weak holiday sales.
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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