Financial News for the Week Ending May 17th

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

US Stocks ended the week mixed after volatile trading that saw the market hit new highs before a selloff of small cap companies.  Fears over weakening global growth drove the decline.  The Dow and S&P 500 both hit record highs during the week, but the S&P 500 finished flat the Dow finished down 0.6% and the NASDAQ finished up 0.5%.  Internationally, Europe was relatively flat gaining 0.1% and Japan fell 0.7% for the week.  The 10 year Treasury yield hit its lowest point in seven months during the week and finished at 2.52%.  Article

US retail sales rose just 0.1% falling short of expectations of a rebound out of the winter months.  Article

Inflation rose 0.3% in April, the largest increase since last June to bring the annual inflation rate to 2%.  Article

Economic activity in the Euro zone grew at a meager 0.8% annual rate in the first quarter.

Housing starts surged 13.2% in April driven by an increase in multifamily building to their highest level in five months. Also building permits rose 8% to hit the highest level in more than 5 years.

Walmart’s sales fell for a fifth straight quarter and its profit dropped 5%.  The firm also warned that they expect weakness in future quarters.  Article

AT&T agreed to purchase DirecTV for $49 billion creating a major media and television player that would have 26 million TV subscribers.

 

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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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