US Stocks had their worst week of 2019 last week after investors had to deal with a slew of mixed economic data, and more trade war sabre rattling between the US and China.
Warren Buffett’s Berkshire Hathaway said Saturday its second-quarter earnings rose due to unrealized investment gains, while the company’s cash pile grew to a record. Berkshire reported second-quarter net earnings of $14 billion, from $12 billion, in the year-earlier period. The 88-year-old Buffett, whose shrewd investments have earned him the nickname “the Oracle of Omaha,” still has plenty of cash on hand for future acquisitions as a way to drive profit. Berkshire held a record $122 billion in cash at the end of the second quarter, up from $114 billion at the end of the first quarter.
The University of Michigan said the final reading of its consumer-sentiment index for July was 98.4, up from 98.2 in June. Recent consumer surveys have pointed to the most favorable personal finance expectations since May 2003, but consumers also have begun to take precautionary measures to increase savings and reduce debt.
The economy created a another 164,000 new jobs in July, underscoring the strength of a robust U.S. labor market that’s shown little sign of deterioration. The unemployment rate was unchanged at 3.7% and remained near a 50-year low. In a good sign, more people entered the labor force in search of work.
With Northwest Quadrant Wealth Management, I'm Tyler Simones.