Stock Market Explained: Why The Dow Hit 30,000 For The First Time

—Asian shares were mostly higher Tuesday, encouraged by news on the development of coronavirus vaccines and more assurance for a transition of power in the U.S. to President-elect Joe Biden. The U.S. federal government recognized Biden as the“ apparent winner” of the Nov. 3 election, giving the green light for cooperation on a transition of power despite efforts by…

Treasury yields mostly rose, another sign of optimism among investors. It is also tempering lingering concerns over rising virus cases in the U.S. and new government restrictions on businesses aimed at limiting the spread. “Investors continue to embrace and see the optimism in the development of vaccines, providing light at the end of the tunnel and multiple…

—Asian stocks rose Monday as investors looked ahead to quarterly U.S. economic data amid unease about anti-coronavirus curbs on business and wrangling over the American presidential election. Investors looked ahead to U.S. economic growth data due out Wednesday after Wall Street’ s benchmark S&P 500 index ended last week down as rising infection numbers…

Donna Skemp of Bend, Oregon, struggled to save before she signed up for an automatic savings plan offered by her employer’s payroll services company. “It's painless, and it's so easy,” says Skemp, accounting and office manager for the nonprofit Every Kid Sports, which pays sports registration fees for children from low-income families. People are much more likely…

Insurance and financial advisors are challenged to find the right partners and brokerage general agencies to work with, said Brian Haney, founder and vice president of The Haney Company in Silver Spring, Md.

—Global stock markets were mixed Wednesday after Wall Street declined as hopes for a possible coronavirus vaccine were tempered by worries about the pandemic's continuing impact. London, Tokyo and Frankfurt retreated, while Shanghai, Hong Kong and Sydney advanced. In early trading, the FTSE 100 in London lost 0.5% to 6,332.47 and the DAX in Frankfurt shed 0.9%…

Most Americans fail a financial fluency quiz of key investment selection terms, and confusion over a term like “passive investing” can translate into saving less and lower use of investment products, according to a new report.

–Advisor Group, the nation’s largest network of independent wealth management firms, and network member firm SagePoint Financial today announced the successful recruitment of Veater Financial Group, a wealth management practice based in Fresno, CA, with $503 million in total client assets. In addition to SagePoint Financial, Advisor Group also includes FSC…

Donna Skemp of Bend, Oregon, struggled to save before she signed up for an automatic savings plan offered by her employer's payroll services company. “It's painless, and it's so easy,” says Skemp, accounting and office manager for the nonprofit Every Kid Sports, which pays sports registration fees for children from low-income families. People are much more likely…

Columbus, OH—November 16, 2020—Nearly two-thirds of investors (61%) and more than two-thirds of advisors and financial professionals (68%) anticipate market…

Wells Fargo’s former chief executive and former head of Wells Fargo’s Community Bank defrauded investors by using a metric that was inflated by accounts that were opened for consumers who did not ask for or want them, according to new charges filed by the Securities and Exchange Commission.

After months of economic heartache from the coronavirus, it is encouraging to learn of some good news about Americans’ retirement…

DENVER (November 12, 2020) – Financial services firms are reportedly hit by security incidents 300 times more frequently than other…

Heading into the election, polling data and market signals disagreed on how close the presidential election would be, with market signals calling the race much closer—which turned out to be accurate. Now that we have more clarity on the results of the election, we can review what we believe will be some of the key market implications going forward.

By Stan Choe and Damian J. Troise| The Associated Press. It was the second straight day that rising hopes for a COVID-19 vaccine have investors reordering which stocks they see winning and losing, and the shifts were leaving U.S. stock indexes mixed in afternoon trading. Treasury yields and oil, meanwhile, were holding most of their big gains from a day before or…

The Dow Jones Industrial Average soared by more than 1,600 points after the opening bell on Monday, its first day of trading since Democratic nominee Joe Biden was projected by all major news outlets as the winner of the 2020 presidential race. The Dow's movement also followed an announcement by drugmaker Pfizer earlier Monday, which reported that late-stage…

When training to become a financial professional, much of our course work centers on the six critical areas of creating a financial strategy. Some recognize October as Financial Planning or Year-end Tax Planning Month, so it's an excellent opportunity to review those six personal finance areas. Cash management: This is a broad topic that can address many…

Asian shares advanced Thursday after stocks rallied on Wall Street as investors embraced the upside of more gridlock in Washington, sending the S&P 500 index up 2.2% while the outcome of the U.S. presidential election remained in limbo. Hong Kong's benchmark led the region, gaining 2.6%, while shares also rose by more than 1% in Tokyo and South Korea.

Instead of trying to outsmart Mr. Market, my advice remains simple: address what is within your control, by creating a financial plan. ” To help guide me through the issues, I spoke to Nathan Sheets, the chief economist and head of global macroeconomic research at PGIM Fixed Income. Prior to his current position, Sheets worked mostly in government-related jobs at the…

The U.S. Department of Labor issued the following news release on Oct. 30:. The U.S. Department of Labor today announced a final rule that updates and clarifies the Department's investment duties regulation in 29 CFR 2550.404 a-1. “Protecting retirement savings is a core mission of the U.S. Department of Labor and a chief public policy goal for our nation,” said U.S….

Eighty-four percent of financial institutions would not be prepared to operate immediately in a negative U.S. interest rate environment, according to a recent survey conducted by the Risk Management Association.

ALEX V EIGA The Associated Press. The Dow Jones Industrial Average sank 943 points Wednesday as surging coronavirus cases forced more shutdown measures in Europe and raised fears of more restrictions in the U.S.. Investors are growing increasingly anxious that the economy will lose momentum should more shutdowns be imposed just as prospects for more…

The number of individuals reporting high levels of financial stress more than doubled from 11% pre-COVID to 27% since the crisis struck. Further, while only 44% of participants reported experiencing financial stress prior to the pandemic, the number grew to 67% following the outbreak.

These are the initial findings of the Middle-Income Financial Security Monitor from Primerica Inc., a leading provider of financial services to middle-income families. The Monitor is a recurring quarterly poll that gauges the financial preparedness, habits, and concerns of those with annual household incomes of $30,000-$100,000. Every day throughout…

It goes by many names and serves many purposes. For some, it’ s a way to keep the lights on. You’ ve got Amazon Flex trucks practically ramming into each other,” says Kathy Kristof, editor at SideHusl.com, a website that reviews hundreds of online money-making platforms.

MINNEAPOLIS – Oct. 26, 2020 – With increased longevity resulting in retirements that can last 25-30 years or longer, Americans…

At this point, most investors have recovered the majority of their losses from the COVID-19 pandemic shock back in March. And while it appears that markets have generally returned to their pre-pandem- ic levels, you see a much different engine when you look under the hood. For example, the Technology sector is up nearly 30 percent year to date while the Energy…

WASHINGTON, Oct. 23– The Employee Benefit Research Institute issued the following news release:. A new study from the Employee Benefit Research Institute's Financial Wellbeing Research Center finds that 90 percent of companies answering the 2020 EBRI Financial Wellbeing Employer Survey either have or are developing a strategy for improving their…

New York State Comptroller Thomas P. DiNapoli issued the following news release:. Amidst the economic tumult brought on by the COVID-19 pandemic, the securities industry saw its pretax profits reach $27.6 billion in the first six months of 2020, an 82 percent increase over the same period last year, according to State Comptroller Thomas P. DiNapoli's annual…

Some credit mistakes are a lot worse than others. But when you pay down the debt, the damage disappears as lower balances get reported to the three major credit bureaus, Equifax, Experian and TransUnion. Mistakes that have long-running ripple effects hurt the most, says credit expert John Ulzheimer.

The U.S. economy shrank by nearly one-third during the three-month period ending in June. On a near-term basis, we’ re not getting a full recovery because of the lack of vaccine, the lack of herd immunity,” said Jason Pride, chief investment officer at the private-wealth group of the Philadelphia- based Glenmede, which invests $40 billion for clients.“ Until we do”– Pride…

Prior to March, shoppers would go to the mall or grocery store— without masks— and scout out the latest sales. Now, shopping looks much different. “The way consumers approach shopping has understandably changed as a result of COVID-19,” said Katherine Cullen, senior director for industry and consumer insights at the National Retail Federation, in an email.

Financial adviser Erica Rahr didn't think she was getting into the “emotional coach” business, but she did. For elections that resulted in a change in the party occupying the White House, the average stock return in the following year after the election was 5.8 percent if the party changed, she said. If the incumbent party retained the White House, the average return…

America’s largest banks are steeled for a wave of loan defaults and missed payments that still haven’t arrived. Thanks to an initially immense amount of support from Washington, that pain appears to have been pushed out to next year.

A team lead by family corporate trustee management expert, Christopher Holtby, has published a report about estate tax issues and solutions affecting the top 1% of wealthy families in America. a) Current estate and gift tax exemption amount, inflation adjusted, highest level in 100 years. b) Top 1% have tripled their net worth since the 2009 financial crisis. c)…

My grandmother was fanatically frugal and a stupendous saver. Big Mama, as she was called by all her grandchildren, showed me the power of having a well-stocked emergency fund. She didn't even trust the U.S. Postal Service to deliver her bill payments on time.

Imagine this: you’re great at your job. You make sales, you manage your clients’ assets well and you’re an attentive advisor who makes sure to follow up. But you can’t get a call back from referrals and your prospects aren’t scheduling appointments. You can’t figure out why.

Texas billionaire charged in $2 billion tax scheme. Federal prosecutors charged Texas billionaire Robert Brockman on Thursday with a $2 billion tax fraud scheme in what they say is the largest such case against an American. Department of Justice officials said at a news conference that Brockman, 79, hid capital gains income over 20 years through a web of…

Wells Fargo& Co. reported Wednesday returning to profitability at $2.03 billion during the third quarter despite the continuing impact of the COVID-19 pandemic on its operations. When including a preferred stock dividend payment of $315 million, net income was $1.72 billion. Diluted earnings were 42 cents, compared with a loss of 66 cents in the second…

As Wells Fargo& Co. approaches three years with a Federal Reserve- enforced asset cap of $1.93 trillion, its chief executive stressed Wednesday that the bank is making progress toward lifting restrictions. Achieving that goal will require additional cost-cutting over the next two to four years, Charlie Scharf and chief financial officer John Shrewsberry…

The decline came as talks between Democrats and Republicans in Washington over another economic stimulus package continued to drag on, dimming investors' hopes for a deal that can deliver more aid for the U.S. economy in the near term. Bank profits remain resilient: Unemployment remains high, many small businesses are struggling, and there are few signs that…

Oct. 14– Wells Fargo returned to profitability in the third quarter, posting net income of $2 billion for the third quarter as management begins to restructure the bank and cut billions in expenses. The return to profit, though, was not as sharp as Wall Street analysts anticipated, and shares fell 6%. Overall revenue at the San Francisco- based bank fell to $18.9…

Unemployment remains high, many small businesses are struggling, and there are few signs that Congress and the White House can soon agree on another stimulus package to help the U.S. economy in the pandemic. The turnaround stems mostly from improvements in the U.S. economy that allowed these big banks to set aside less money to cover potentially bad loans— $5…

–As the COVID-19 pandemic puts immense pressure on American business, driving record levels of unemployment and an increasing number of closures, advisors and financial professionals say their practices are not immune to the impact. Nationwide’s sixth annual Advisor Authority Study, powered by the Nationwide Retirement Institute, surveyed more than…

Shares were mostly lower in Asia on Wednesday after pandemic concerns snapped a four-day winning streak on Wall Street. The company said the study was paused“ out of an abundance of caution.” The news followed a disclosure late Monday by Johnson& Johnson, which said it had to temporarily pause a late-stage study of a potential COVID-19 vaccine“ due to an…

New research from Northwestern Mutual’s 2020 Planning & Progress Study reveals that the savings rate among American adults aged 18+ is up, and it’s likely the result of their concerns about what could come next financially and economically at this extraordinary moment in history.

The stock market seems to like Joe Biden. “A Clear-Cut Biden Win Is Emerging as a Bull Case for Stocks,” reads a headline on Bloomberg News. That's why jumps in Biden's poll performance have been sending the S&P 500 higher, according to strategists at Citigroup Inc. and JPMorgan Chase& Co. Or, as the head of market strategy at Swissquote Bank put it, polls pointing to a…

—Morgan Stanley will buy Boston investment management firm Eaton Vance in deal valued at $7 B.

The stakes are high, as economists, investors and the chair of the Federal Reserve all say the economy needs another dose of support following the expiration of weekly jobless benefits and other stimulus Congress approved earlier this year. The Nasdaq composite climbed 210 points, or 1.9%, to 11,364.60, despite a call by Democratic lawmakers for Congress to…

–Allegis Advisor Group, an independent insurance marketing and financial planning firm, announces today their acquisition of Beacon Financial, Inc., a national marketing organization founded in 2000, that specializes in annuities, life insurance and Medicare, and its merger into the firm. “The primary objective of Allegis is to provide concierge-level…

The National Financial Educators Council surveyed people around the US. with a single question: “When you have a financial question, who do you personally turn to for trusted financial guidance?” 39.6% of the respondents turned to parents, family, friends, or coworkers, while 35.9% said financial professionals.