Stocks Climb; Dow Nears Another Record

[Omaha Steve]

Source: WSJ

Treasurys Fall, Sending Benchmark 10-Year Yield Closer to 3%

By KAITLYN KIERNAN

NEW YORK—U.S. stocks rose after strong economic data, with the Dow Jones Industrial Average on pace to notch the most record closes in a year since 1995.

Prices of Treasury bonds fell after the stronger-than-expected data, with the benchmark 10-year note hitting 2.982%, the highest level in more than three months. Bond yields rise as prices fall.

The Dow extended gains, increasing 49 points, or 0.3%, to 16344. If the Dow ends the day higher, it will mark the 49th record finish of the year, the most since 1995 when the blue chips saw 69 record closes.

The S&P 500 rose five points, or 0.5%, to 1833, with materials and telecommunications stocks leading gains in nine of 10 sector groups. The Nasdaq Composite Index added five points, or 0.1%, to 4154.

FULL story at link.


Read more: http://online.wsj.com/news/articles/SB10001424052702304475004579277760086370896

[SoapBox]

1. Damn that O-Bama!

He's done nothing good!

Wait...

Bengahazi!

Wait...

What?

Take that 1%er's! Oh...you did?

I'm so confused.

[L0oniX]

2. As a person who is of the 1% I am sooo happy with my stock portfolio ...pffft

Does any "average" person really care what the fucking stock market is doing?

[OKNancy]

4. hell yes we do. My IRA is in the market

and house painter husband has one and a small mutual fund account too.
We set up these accounts on our own with Vanguard and it's made us very happy in the last few years.

[L0oniX]

8. Really? So the fees haven't ripped you off? Wow

[OKNancy]

10. Vanguard does not charge any fees for IRA

Their index mutual funds are the lowest in the industry. I made 24% return this year

[L0oniX]

11. Oh ...index funds are the only stocks to invest in. Mutual funds tend to fee you to death.

Saw a PBS show on how the mutual fund managers are ripping people off and how index funds were the best bet. When I see "IRA" I would not think "index funds".

[OKNancy]

12. I saw that show too and it made me feel good

The guy they interviewed about low fees etc was from Vanguard!

[mahatmakanejeeves]

20. Tonight on FRONTLINE: The Retirement Gamble

Google "Borzi," as in Phyllis Borzi, the Assistant Secretary of Labor for Employee Benefits Security.

If you never do anything else today, watch this video. It was aired on April 23, 2013.

Tonight on FRONTLINE: The Retirement Gamble
http://video.pbs.org/video/2365000631/

Phyllis C. Borzi appears in the show.

Please see the article about excessive 401(k) fees in the September issue of Consumer Reports
http://www.democraticunderground.com/?com=view_post&forum=1002&pid=3406853

There's a ton of information here:

Employee Benefits Security Administration
http://www.dol.gov/ebsa/

Understanding Your Retirement Plan Fees
http://www.dol.gov/ebsa/publications/understandingretirementfees.html

Maximize Your Retirement Savings - Tips on Using the Fee and Investment Information From Your Retirement Plan
http://www.dol.gov/ebsa/publications/feedisclosuretips.html

Disclaimer: I have money in Vanguard funds.

Vanguard offers funds with active management, Jack Bogle's beliefs notwithstanding. It's like your grocery store. You can buy broccoli there, and you can buy chocolate-covered marshmallows there. They leave the choice up to you.

That reminds me: I think today is the distribution date for one of those funds.

Best wishes to all.

[llmart]

13. Me too.

I have my IRA in Vanguard Index 500 and I've made $62K this year!!!

So, yes, I and others like me DO care about the stock market.

[Drunken Irishman]

6. Uh, yeah. Millions of average Americans lost a lot in the market crash of 2008/2009.

[SoapBox]

7. Yes I did lose...

But by sitting tight, I'm head and shoulders above where I was...and let say, I'm WAY average.

[lastlib]

14. Uh, yeahhhhh........my life savings are in equity funds and stocks....

in 2008-09, I lost 55-60% of my net worth (thank you, Dubya... ). Since Obama came into office, I've managed a 178% gain on my investments. (Yeah, I hope "that socialist kenyan" keeps on wrecking the economy the way he has been......) The only thing that has gotten me through a lengthy unemployed stretch has been what I have built up in those investments. So you better believe some of us care about what the stock market does!

[Freddie Stubbs]

16. Lots of average people have retirements funds that are invested in stocks

[hack89]

17. The union pension my mom lives on depends on the stock market

Every person who gets a pension cares about the stock market.

[LanternWaste]

19. Well, my 401k is divested throughout the market, so I take heed...

"Does any "average" person really care..."

Well, my 401k is divested throughout the market, so I take heed. But then again, I'm less than average.

[Jesus Malverde]

3. Stocks are an economic indicator of how well the corporations were doing....

Some are having record profits...

[L0oniX]

9. More like an indicator of just how much the bottom is being squeezed.

[boatsfra]

5. Traders sacrificing so much

Being a Navy veteran, I want to thank the snakes on Wall Street for sacrificing so much during this day before Christmas. The troops overseas also want to send their thoughts and prayers to these whalesperm eating cretins for their sacrifices.

[On the Road]

15. ...

[onenote]

18. Like clockwork, the "experts" are predicting a monster crash in 2014

Of course, they predicted the same thing for 2013.
http://www.marketwatch.com/story/doomsday-poll-87-risk-of-stock-crash-by-year-end-2013-06-05

Can stocks continue on their current upward pace indefinitely? Of course not. But I've always wondered why some folks at DU seem disappointed that stocks are doing well, as if they don't realize that if the market crashes between now and 2016, it doesn't matter who the Democrats or the repubs nominate for president -- the repub likely will win.