Financial News and Portfolio Management Discussion through September 19th

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

US stocks eased for the week as the Fed cited global growth concerns for delaying raising interest rates. The S&P 500 slipped 0.1% and the Dow lost 0.3% for the week. Abroad, Europe edged down 0.3%, but Japan rose 0.9%. The 10 year Treasury yield fell after the Fed’s announcement ending the week down to 2.13%.  Article

At the FOMC meeting officials elected to not raise the Federal Funds rate citing global market volatility and weak global growth. The majority of policy makers still expect to raise rates before year end.  Article

US retail sales rose 0.2% in August and are up 2.2% for the trailing year.  Article

HP announced it would be cutting 25,000 to 30,000 jobs as part of the restructuring that is splitting the company in two.

Oracle posted quarterly income that fell 8% net of currency effects. Overall results were hurt by the rising dollar and missed estimates.

FedEx reduced its profit outlook for the year while announcing its quarterly numbers that missed expectations.

Anheuser-Busch InBev is making an effort to take over SABMiller, which would create a massive brewer that would hold about a 70% market share in the US.

Cablevision agreed to a sale to European cable firm Altrice for $10 billion.

GM agreed to pay a $900 million dollar fine and admit criminal wrongdoing related to how it handled a faulty ignition switch.

VW was accused of intentionally dodging EPA air pollution standards on almost a half million diesel vehicles since 2008.

 

 

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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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