Financial News and Portfolio Management Discussion through October 24th

All the news you need to stay informed about what’s currently driving the market – courtesy of Raffa Wealth Management, LLC.

Global stocks rallied on more stimulus from China and likely from Europe along with solid corporate earnings. The S&P 500 gained 2.1% and the Dow rose 2.5%. Internationally, Japan climbed 3.0% and Europe jumped 3.9% for the week. The yield on the 10 year Treasury rose over the week to finish at 2.08%.  Article

ECB president Draghi stated that the central bank is prepared to do more to raise inflation and drive growth.  Article

China’s third quarter growth fell below the 7% level it targets to 6.9%. It’s the weakest pace of growth since the financial crisis. However, growth outpaced expectations of a 6.8% rate.  Article

China announced it was cutting its central bank benchmark lending rate a quarter percentage point. They also reduced banks reserve requirement ratios by half a percent freeing up capital to lend. It was the 6th interest rate cut and fourth reserve requirement reduction since November.  Article

US housing starts rose 6.5% in September driven by multifamily housing and home builder confidence rose higher than expected.

US existing home sales rose 4.7% in September putting the market on track for its best year since 2007.

Amazon, Microsoft, American Airlines, McDonalds, Alphabet, Proctor and Gamble, AT&T, Ebay and GM all topped expectations for the past quarter, while Yahoo, Morgan Stanley and IBM disappointed investors.

 

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Raffa Wealth Management is an independent investment advisor providing nonprofit organizations, high net-worth investors, and qualified retirement plans with a full range of investment consulting services.  We were established to fill the need for transparency, clarity, and vision in the professional management of investment assets.   Visit us at www.raffawealth.com

 

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