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Bernanke’s Stimulus Support Sends U.S. Stocks Soaring
U.S. markets soared yesterday (Monday) after U.S. Federal Reserve Chairman Ben S. Bernanke endorsed another domestic stimulus package, sending the Dow Jones Industrial Average to its first close above 9,000 in four consecutive trading sessions.
At the close in New York, the blue-chip Dow had gained 413.21 points (4.67%) to close at 9,265.43. The tech-laden Nasdaq Composite Index jumped 58.74 points (3.43%) to close at 1,770.03. And the broader-based S&P 500 Index racked up a 44.85-point (4.77%) gain to close at 985.40.
In testimony before the House Budget Committee yesterday, Bernanke said that due to the poor economic outlook, additional government assistance could be…
21Oct2008 | Money Morning | Comments Off | ContinuedTen states unemployment insurance funds face insolvency
CNN.com
10/9/08
Emanuella Grinberg
The demand for unemployment benefits across the country has put a strain on state unemployment funds, with such funds in at least 10 states facing insolvency in 2009, according to a policy group.
On Tuesday, California state officials told lawmakers in a hearing that their unemployment reserve fund was on track to run dry by March based on the state’s forecast unemployment rate, which hit 7.7 percent in August.
Last month, South Carolina Employment Security Commission chief Ted Halley said his state’s fund was also projected to run out by January. As of August, the state’s unemployment rate was 7.6 percent.
Eight…
13Oct2008 | The Real Deal | Comments Off | ContinuedThe Plot Thickens…
The trouble with following the financial news is that there is so much of it. Everyday brings news information, new facts, new theories – dozens of them. The financial news becomes like a dense Russian novel, with so many characters coming and going that we forget the plot.
Of course, if you’re reading Dostoevsky this summer, you can always stop, flip back and figure out what is going on. In the financial markets you can never stop. The news just keeps coming…the absurd character keep popping up…the intrigues and sub-plots get denser and more confused.
And yet, it’s in the financial markets that…
15Aug2008 | Daily Reckoning | Comments Off | ContinuedU.S. Heading for a Recession? Maybe It’s Time to Get Your Financial House in Order…
A recent study done by CNN Money indicates that only 19 percent of the 1,000 Americans polled believe that the nation will avoid a recession in 2008. What is more telling is how this collective fear is beginning to mold the financial behaviors of people across the nation.
One of the many questions asked in this survey stated the following:
In the past 12 months, have you been spending about as much as you did before on most things, spending more, or cutting back on your spending compared to twelve months ago?
As you can see, 48 percent of those who took the…
21Jan2008 | S. Oakes | Comments Off | Continued
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