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Exchange-traded funds entering new phase of growth May 19, 2013 12:00 AM
The headlines about exchange-traded funds suggest there are no limits to the growth of these low-cost, easily traded alternatives to mutual funds. Among the recent developments: ETFs have attracted at least $100 billion in new cash for each of the past six years, growing at a far more rapid pace than traditional mutual funds.
Retired couples may need $220K for health care May 19, 2013 12:00 AM
After years of increasing health care costs, the outlook is improving for seniors worried about paying their medical bills during retirement. For the second time in the last three years, estimated medical expenses for new retirees have fallen, according to a study released Wednesday by Fidelity Investments. A 65-year-old couple retiring this year would need $220,000 on average to cover medical expenses, an 8 percent decrease from last year's estimate of $240,000.
U.S. two-percenters save wealth in trade-down to J. Crew May 19, 2013 12:00 AM
Jennifer Prentice, a medical-equipment saleswoman in Minneapolis, once had no qualms about dropping $600 or more for Gucci purses. Now she spends $300 for Coach bags and is filling in her Burberry wardrobe with pieces from J. Crew. "The things we went through over the last couple of years definitely have an impact on what I am doing," Prentice, 45, said in an interview. "I tend to be less frivolous now."
State workers anxious as lawmakers debate pensions May 19, 2013 12:00 AM
Anxiety and anger are growing among state employees and retirees who wonder what will happen to their pocketbooks if lawmakers make expected changes to the state's pension systems that could require workers to pay even more toward retirement, increase the retirement age and cut annual increases in benefits.
Stocks rise on hopeful economic signs May 17, 2013 12:00 AM
The Conference Board said its index of leading economic indicators rose 0.6 percent last month after a revised decline of 0.2 percent in March. The index is intended to predict how the economy will be doing in three to six months. The University of Michigan's preliminary survey of consumer confidence climbed to 83.7. Economists had predicted that the gauge would climb to 76.8.
Record Powerball jackpot inspires office pools May 17, 2013 12:00 AM
Lottery officials encourage pools organizers to lay down rules, put them in writing and distribute the details to all participants before the winning numbers are drawn.
First Midwest declares 4 cent per share dividend May 15, 2013 12:00 AM
6 tips to manage student loan debt May 12, 2013 12:00 AM
Finding a job in a slow-growing economy is daunting enough without new financial obligations. Yet that's the challenge many university students graduating over the next few weeks will face before too long. The clock on their student loans will begin counting down to their first payment due date. A study released in January by credit reporting agency TransUnion found that the average student loan debt rose 30 percent between 2007 and last year to $23,829.
Fund manager: Don't get caught up in Asia numbers May 12, 2013 12:00 AM
Investors are worried about the slow pace of U.S. economic growth, but we're just one player in the international arena. To assess the global outlook, two numbers are critical: China's gross domestic product and Japan's inflation rate. They're important because China and Japan are the world's second- and third-largest economies, and both are faltering. The outlooks in both countries could continue to have a big impact on stocks around the world as Chinese and Japanese policymakers try to stimulate their economies.
G7 says Japan playing by currency rules May 11, 2013 12:00 AM
Japan, the world's number 3 economy has been in focus over recent months as the new government of Prime Minister Shinzo Abe has embarked on a radical policy of aggressive monetary stimulus to restart the country's postwar boom, which effectively ground to a halt in the early 1990s.
Despite late start, officials say record corn crop likely May 10, 2013 12:00 AM
The wet start to the corn planting season is expected to reduce the amount each acre produces this year, but farmers are planting so much of the crop that they're still likely to bring in a record amount.In a report released Friday, the U.S. Department of Agriculture estimated farmers will bring in 14.1 billion bushels of corn this year, a billion bushels more than the previous record of 13.1 billion bushels set in 2009.
Treasury reports $113 billion surplus in April May 10, 2013 12:00 AM
Through the first seven months of the budget year, the deficit was $488 billion. That's lower than last year's deficit of $720 billion over the same period.Even with the April surplus, the deficit for the full year will still be quite large: the CBO expects it will reach $845 billion.
Yen in focus as G-7 discusses recovery May 10, 2013 12:00 AM
Sharp fluctuations in the value of currencies can hurt business confidence and investment. Ministers meeting this weekend will be keen to avoid any developments that could spark a currency war.
Post office lost $1.9 billion in second quarter May 10, 2013 12:00 AM
Postmaster General Patrick Donahoe said the agency is considering its options, including negotiations with unions to reduce labor costs and another possible increase in prices. "Everything has to be on the table," Donahoe said.
Feds: Hackers stole $45 million in ATM card breach May 9, 2013 12:00 AM
Brooklyn U.S. Attorney Loretta Lynch called it "a massive 21st-century bank heist" and compared its size to the Lufthansa heist in the late 1970s immortalized in the film "Goodfellas." Lynch said the fraudsters had moved with astounding speed to loot financial institutions around the world.
Home builders need workers to keep up with demand May 9, 2013 12:00 AM
The resurgent U.S. housing market has sent builders calling again for Richard Vap, who owns a drywall installation company. Vap would love to help. And he would — if he could hire enough qualified people. “There is a shortage of manpower,” says Vap, owner of South Valley Drywall in Littleton, Colo. “We're probably only hiring about 75 or 80 percent of what we actually need.”
Record profit signals healthier Fannie Mae May 9, 2013 12:00 AM
Fannie Mae said something Thursday that would have been unthinkable a few years ago: It earned a record $58.7 billion profit in the January-March quarter.
Hedge fund manager Falcone to settle fraud case May 9, 2013 12:00 AM
Philip Falcone would be barred for two years from working as an investment adviser or broker under the agreement in principle between the Securities and Exchange Commission and Falcone and Harbinger Capital Partners, the firm said in a filing Thursday.
How much risk to take? Assessing fund volatility May 5, 2013 12:00 AM
The stock market is in a groove. The Standard & Poor's 500 has climbed six months in a row and finished April at another record high. So far this year the index is up roughly 12 percent. That sounds good, right? A qualified "yes" might be the best answer, but now is a smart time to review the risk level of your portfolio.
5 ways to cut that doggone pet food tab May 5, 2013 12:00 AM
Pet food isn't cheap. Americans are expected to spend $21.3 billion on pet food this year, up 3 percent from $20.6 billion in 2012, according to the American Pet Products Association. Here are some tips on how to cut down costs for you and Fido.