Weekly Financial Update - October 5, 2018
October 8, 2018
Global equities struggled to digest strong third quarter gains and sharply higher bond yields in the first week of the fourth quarter. The S&P 500 Index declined 1.0% last week, weighed down by the previously high flying technology and consumer discretionary sectors.
In the corporate sector, industrial conglomerate General Electric was the week’s top performing S&P 500 Index stock, surging 16.7% after announcing it will replace its current CEO, John Flannery, with former Danaher Corp CEO, H. Lawrence Culp.
On Friday, the U.S. Bureau of Labor Statistics provided investors with an updated look at the domestic labor market, indicating that the unemployment rate declined to 3.7% in September, while the labor force participation rate remained at 62.7%.
Learn more about these developments in our Weekly Investment Update.