Financial News and Portfolio Management Discussion through April 21st
US stocks rose on solid corporate earnings. The S&P 500 rose 0.5% and the Dow gained 0.4% for the week. Internationally, Japan jumped 1.8% and Europe climbed 0.7% for the week. The yield on the 10 Year Treasury bill climbed to 2.95% its highest level since January 2014 on increasing inflation expectations.
Retail sales rose 0.6% in March reversing recent declines but economists are surprised at the weak gain over the full quarter.
At a meeting of large oil producers they elected to continue to limit production through the end of the year and possibly into next year. The limitation in place since November of 2016 have worked out to reduce inventory and drive up the price. Oil ended the week at $68.38 a barrel, near its highest level in three years.
Wells Fargo was fined $1 billion over misconduct in its mortgage and auto lending businesses.
Of the 87 S&P 500 firms that have report earnings to date 79% have topped expectations.
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.