Markets Hit Record After Fed Keeps Stimulus
The Dow Jones industrial average jumped 147.21 points on Wednesday to close at a record high of 15,676 as the Federal Reserve announced that they planned on keeping the stimulus program in place until the economy showed more stable signs of improvement. The Associated Press reports that the Standard and Poor’s 500 also closed at an all time high of 1,709.67. The Federal Reserve has been pumping up the economy through a bond buying program known as quantitative easing. The markets had feared that the Federal Reserve would decide in its meeting this month to begin pulling back on the program due to the strengthening economy. Bond prices rose sharply after the Feds announcement, sending yields lower.
Google May Stop Using “Cookies”
According to the Wall Street Journal, Google may stop using “cookies” to track Web users. Instead, Google is considering moving to a system that would create its own anonymous identifier for each individual. Such a move would shake up the $120 billion online-advertising industry which relies on “cookies” to target advertisements. Right now, advertisers place cookies on websites, but each uses different codes, so they can’t tell whether they are tracking the same user. Google’s proposal would “clean up” the internet but would also force more companies to use Google, who is already the largest online advertiser.
Apple’s iPhone Finger Print Scanner Gets Rave Reviews
CNBC is reporting that the new iPhones are winning praise for the new fingerprint scanners and the improved chip and camera. The cheaper iPhone 5C, comes in yellow, blue, green, pink and white and starts at $99. The more advanced iPhone 5S starts at $199. The finger print reader in the operating system of the iPhone 5S received rave reviews from multiple sources.
Beanie Baby Founder Charged with Tax Evasion
Ty Warner, the 69 year old billionaire who created Beanie Babies, pled guilty to tax evasion and will pay a massive penalty. According to the Associated Press, Warner failed to report income on an offshore account held at UBS. He faces a potential of 5 years of prison and a $53 million penalty. Branding experts do not believe that the owner is associated with the product and therefore do not expect the product to suffer in sales.
Singapore is the Fastest Growing Air Route in the World
With 130,000 return seats a week by November, Jakarta-Singapore will soon be the second biggest international route after Hong Kong-Taiwan. It is ahead of Dubai-Doha and JFK-London Heathrow routes. The number of available seats jumped by 24 percent in the last year, according to the Center for Aviation, and more than 40 flights are available daily. The Financial Times reports that the rapid growth of air travel on this route highlights the resilience of the Indonesian economy but also constraints. Many Indonesians travel with their wealthy neighbors to access international standard healthcare, reliable onward travel and discreet wealth management services.
2014 Raises to Average Three Percent
Employers say they will give raises averaging 3 percent in 2014, according to USA Today. The survey of 900 mid-to-large companies was conducted by compensation consultant Towers Watson. About 4 percent of companies will give no raises, compared to 75 percent in 2008. The 3 percent increase will outpace the predicted 1.3 percent to 1.8 percent inflation rate predicted by the Federal Reserve.
Catherine S. McBreen is President of Millionaire Corner. McBreen plans and develops content for Millionaire Corner. Catherine balances editorial content to meet the informational needs of both new and seasoned investors. She designs special monthly surveys on topical issues affecting the economic environment.
McBreen has a B.S. in speech communications from Northwestern University and a J.D. from DePail University College of Law. She is a member of the American Bar Association, the Illinois Bar Association, and the Chicago Bar Association.
Well-known for her expertise in the affluent and retirement arenas, McBreen is a frequent speaker at industry conferences. She has been quoted widely by the financial media, including The Financial Times, The Wall Street Journal, Research, Private Asset Management, On Wall Street, Reuters, Bloomberg News, The Dow Jones Newswires and Worth. Cathy has appeared as a guest on CNBC Closing Bell, First Business Morning News, Neal Cavuto at Fox Business News, ABC and CBS radio.
McBreen is co-author with Spectrem President George H. Walper, Jr. of the book "Get Rich, Stay Rich, Pass It On: The Wealth-Accumulation Secrets of America's Richest Families" (Portfolio, January 2008)
Catherine is the mother of four and is involved in many school and community events.