Financial News and Portfolio Management Discussion through April 28th
US stocks posted a down week on an increase in interest rates and mixed earnings reports. The S&P 500 edged down 0.1% and the Dow fell 0.6% for the week. Internationally, Japan rose 1.4% and Europe gained 0.7% for the week. The yield on the 10 year Treasury rose for the fourth straight week ending at 2.96%.
The 10-year Treasury yield hit the 3% level for the first time since early 2014, a signal of strength in the economy.
The US economy grew at a 2.3% pace in the first quarter. The pace topped economists’ estimates, but was a slowdown from the fourth quarter. Growth was driven by business’ stronger revenue and investment, while consumer spending rose at its slowest pace in 5 years.
Alphabet posted strong earnings growth, but expenses rose more than expected.
Caterpillar said its strong first quarter earnings could be the high water mark for the year.
Facebook posted strong earnings and revenue gains despite the recent scandals.
Samsung posted its fourth straight quarter of record profit.
The Dept. of Labor is now looking into whether Wells Fargo acted inappropriately moving individuals from 401k plans to more expensive IRA accounts.
Amazon posted its best revenue growth in over six years and earnings doubled, topping $1.6 billion. The results well surpassed investor expectations.
With over half of S&P 500 companies posting first quarter earnings, firms in the index are on track to have earnings growth of 23% over last year.
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.