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Home>Daily Capital>Investing & Markets>Twitter Goes Public; US Economy Grows

Twitter Goes Public; US Economy Grows

Market Digest – Week Ending 11/8

Strong US jobs growth and an interest rate cut by the ECB left domestic stocks up modestly and international stocks down modestly for dollar based investors. American employers added 204,000 jobs in October as the private sector largely ignored the government shutdown. The numbers exceeded even the most optimistic forecasts. Bonds and gold fell as a result, as the data suggests the Fed will begin tapering bond purchases in the coming months. In Europe, inflation fell below 1% in October. Combined with falling economic growth expectations, this prompted the ECB to cut benchmark interest rates by half to 0.25%.

Weekly Returns:

S&P 500: 1,771 (+0.5%)
FTSE All-World ex-US: (-0.9%)
US 10 Year Treasury Yield: 2.75% (+0.13%)
Gold: $1,289 (-2.0%)
USD/EUR: $1.336 (-0.9%)

Major Events:   

  • Tuesday – US home ownership rates dropped to 65.3% in the third quarter, the lowest in 18 years, according to the Census Bureau.
  • Wednesday – Blockbuster announced it will shut its remaining 300 stores and close its mail by DVD operation.
  • Wednesday – Tesla Motors shares dropped 15% after reporting a shortage of batteries and higher than expected development costs.
  • Thursday – Twitter began trading on the NYSE, with shares rising over 70% for the day on strong demand.
  • Thursday – Citing low inflation, the ECB cut its benchmark lending rate to 0.25%.
  • Friday – American employers added 204,000 jobs in October, ahead of expectations.

Our Take:

In 140 characters or less in honor of Twitter’s successful IPO: In spite of our dysfunctional government, the US economy is doing what it does best – grow and innovate.

The content contained in this blog post is intended for general informational purposes only and is not meant to constitute legal, tax, accounting or investment advice. You should consult a qualified legal or tax professional regarding your specific situation. Keep in mind that investing involves risk. The value of your investment will fluctuate over time and you may gain or lose money.

Any reference to the advisory services refers to Personal Capital Advisors Corporation, a subsidiary of Personal Capital. Personal Capital Advisors Corporation is an investment adviser registered with the Securities and Exchange Commission (SEC). Registration does not imply a certain level of skill or training nor does it imply endorsement by the SEC.

Michael is Director of Marketing at Personal Capital. He oversees cross-functional growth and engagement projects for over 1 million Personal Capital users. He is also a regular contributor to the Huffington Post and holds an MBA from Stanford.
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