All the news you need to stay informed about what’s currently driving the market — courtesy of Raffa Wealth Management, LLC.
US stocks rose over the week on strong earnings reports. The S&P 500 gained 1.5% and the Dow rose 2.3% for the week. Internationally, Japan jumped 3.7% and Europe advanced 0.7% for the week. The yield on the 10-year Treasury finished the week unchanged at 2.83%.
The CPI rose 0.1% in June over May, while core prices rose 0.2%. Prices are up 2.9% from a year earlier, the fastest pace since 2012.
Fed Chairmen Powell said the central bank should continue to gradually raise the Fed Funds rate and it was too early to tell how protections trade policies would impact the economy.
Corporate earnings are expected to post double digit growth for the second quarter with exceptions of 20% growth over a year earlier. Revenue is also expected to do well with an estimated 8.7% growth rate.
Broadcom agreed to buy software giant CA Technologies for $18.9 billion.
Wells Fargo’s profit fell 11% driven in part by its past scandals scandals. JP Morgan and Citigroup both posted double digit profit increases, driven by greater borrowing.