Financial News and Portfolio Management Discussion through September 1st
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 reaching new record highs on positive trade developments. The S&P 500 gained 0.9% and the Dow rose 0.7% for the week. Internationally, Japan jumped 1.2%, while Europe eased 0.3% for the week. The yield on the 10-year Treasury edged up slightly over the week ending at 2.85%.The US and Mexico reached a trade deal in reworking NAFTA, however Canada was not included in the deal.
The S&P Case Shiller Home Price Index rose 6.2% in June over the trailing year down from the 6.4% annual growth rate in May.
US 2Q GDP was revised up to 4.2% from 4.1%.
Household spending rose 0.4% in July, while household income rose 0.3%.
The Fed’s preferred gauge of inflation, the personal consumption expenditures price index, rose 0.1% in July from June. From the prior year it is up 2.3% the largest increase since 2012 and above the Fed’s 2% target.
The US and Canada missed a Trump administration imposed deadline on reaching an agreement to a reworking of NAFTA, but agreed to continue talks.
US corporations posted a 16.1% gain in profits in the second quarter from the prior year, the largest gain in six years.
Reposted from the Raffa Wealth Management Blog.