Saturday,
January 27, 2024
Top Story
The week in review
• The Dow closed above 38,000 points for the first time ever on Monday.
• The 30-year mortgage rate inched up to 6.78%, while mortgage applications to purchase a home rose 8%.
• Activity in the services sector pushed above expectations to a 7-month high, while the manufacturing sector also surprised to the upside, jumping into expansion territory with its highest reading since October 2022.
• U.S. GDP grew at an annual rate of 3.3% in the fourth quarter of 2023, easily beating estimates of a 2% growth rate. For the full year, the economy grew 2.5%, outpacing the 1.9% growth rate of the prior year, driven by strong consumer spending, investments, and government spending at the local and federal levels. In other economic data, first time jobless claims rose to the highest level in a month.
For more economic news, visit On the Money — SoFi’s one-stop-shop for news, trends, and tips!
Want your investments to pay dividends — literally?
The economy stands to go through a change in 2024: The Federal Reserve is expected to cut interest rates a few times, and buoyant U.S. GDP growth is expected to come down a notch.
Where does this leave investors? The market is still flirting with record highs, but the outlook isn’t looking quite so peachy. In moments like this, the prospects of a more stable – dare we say boring – option might be an interesting choice.
