Financial News and Portfolio Management Discussion through October 25th

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

The US stock market snapped back up over the week primarily on strong corporate earnings.  The S&P 500 rose 4.1% and Dow jumped 2.6% for the week; the best weekly gain since December.  Internationally markets rebounded as well with Japan soaring 5.2% and Europe up 2.7% for the week. The 10 year Treasury yield rose over the week as investors became more comfortable with stocks, but it is still down for the month.  It ended the week at 2.27%.  Article

US home building recovered in September posting a 6.3% jump in housing starts, however most of it was driven by apartment construction.  Also new building permits rose just 1.5%.

China’s 3Q GDP came in roughly in line with expectations at 7.3%, however the number is below the country’s target growth rate of 7.5% and it’s the slowest pace of growth in 5 years.  Article

Apple, Yahoo, Caterpillar, GM, Microsoft, 3M, UPS and the five largest US airlines posted strong quarterly earnings reports.  On the flip side several corporate titans including IBM, Coke, McDonalds, AT&T, and Ford posted weaker earnings reports for the third quarter.  However, companies in the S&P 500 are currently on pace to top profit expectations for the quarter.

Roughly 25 Euro zone banks failed stress tests led by the ECB, however more than half has since taken measures to improve their balance sheets.

 

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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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