Financial summary at the end of the week


Financial summary

Financial events this week that could have a material impact on your life.

  • Your retirement account likely got a boost when the stock market hit a record high.
  • Refinancing a house got a bit more expensive.
  • Individual investors continued to pour into the stock market.
  • If you are a black woman, there is good news for your future.

Here is a round-up of some of the most important financial stories you should know.

The refinancing of mortgages decreases as interest rates rise

Spring is usually a high season for new home sales and mortgage refinancing. Keep an eye on rising interest rates as you consider this.

The number of Americans refinancing mortgages fell. 43 percent fewer people refinanced themselves this week than at the same time last year.

The improving economy has increased interest rates by an average of 0.03 percent. As a result, the demand for refinancing decreased.

Goldmagold is providing $ 10 billion to fill the income gap for black women

Investment company Goldman Sachs announced a program called A million black women. It is an attempt to close the 15 percent income gap between white and black women.

This initiative was developed with black women’s organizations. It is funded by direct investment of $ 10 billion and philanthropic capital of $ 100 million.

The plan will create 1.2 to 1.7 million jobs and increase annual GDP in the United States by $ 300 to 450 billion, Goldman predicts.

Goldman says initial investments will be made in housing, healthcare, education, access to capital and job creation.

A study by Goldman entitled Black womenomicslead to initiative.

“Mainly because of lower income and access to capital, black Americans are much less likely than whites to own high-yielding assets, including homes, stocks, and especially their own businesses,” the study concluded.

GameStop increases as more new investors come to the stock market

The trend of rookie investors entering the stock market continued this week. Many of them were drawn in by the sharp rise in GameStock shares.

Market entry is easier than ever. However, it’s also more dangerous than ever.

GameStop’s price rose 40 percent on Wednesday. However, it fell off a few minutes later. The stock then rose 14 percent, according to Business Insider, closing Friday at $ 295.50 per share.

Stock prices move in financial or news reports. However, GameStop’s price moved up and down without either. On the other hand, the price is determined by social media chatters.

These new investors are entering the market through online trading apps like Robinhood.

The dollar value of retail trade has risen over 85 percent over the past year, according to Goldman Sachs.

Analysts who rate stocks by value continue to recommend selling GameStop. The March 23 earnings report may have an impact on the price.

Dow hits record high; Treasures rise; Nasdaq is falling slightly

The Dow Jones Industrial Average closed the week at a record high of 32,778.64. The Nasdaq fell nearly 79 points to 13,319.86. In the meantime, the 10-year government bond achieved its high annual return of 1.635 percent.

The bullish Dow reflects the positive outlook as the economy re-opens and consumer spending rises.

However, some economists fear that rising bond prices could lead to inflation. Likewise, producer prices were higher than expected in February, according to the Labor Department report on Friday. That too could signal inflation.

The stock market jump is likely a good sign for your mutual funds and retirement accounts. However, rising bond yields and consumer prices can mean that goods could cost more in the near future.

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