Dow hits 16,000 while Sony and Boeing have record sales weekends. More women are working than ever before and Butterball reports a turkey shortage!
Dow hits 16,000
US stock edged higher on Monday with the Dow Jones Industrial Average clearing 16,000 for the first time. CNBC reports that the S&P 500 also passed a psychological hurdle by rising over 1800. The Nasdaq remains 10 points shy of 4,000. Stocks in China also climbed as the government vowed to ease the one-child policy and to increase private investment.
Boeing reports record orders
Boeing officially launched its 777X jetliner with record orders, valued at $150 billion, at the Dubai Air Show. The Wall Street Journal reports that the orders are part of the Gulf region’s effort to become the world’s dominant transit point for airline passengers. Boeing is on track to end the year with net orders of more than 1300 jets. Airbus is expected to sell a similar number of planes. Dubai’s airport is set to overtake London Heathrow as the world’s busiest international hub. Emirates, already the world’s largest international carrier by capacity, signed deals for both Boeing and Airbus jets with a list price of $99 billion.
SEC and Department of Justice support Bitcoins
The Department of Justice and the Securities and Exchange Commission are telling a US Senate committee that Bitcoins are legitimate financial instruments, boosting prospects for a wider acceptance of the currency. Bloomberg reports that the government agencies said the digital money offers benefits and carries risks, just like any other online payment system. There are approximately 12 million Bitcoins in circulation. They reached a record high of $509 apiece at 8:57 am today. The Federal Reserve indicates that it has no plans to regulate the currency.
Record number of women in workforce
Women have recovered all of the jobs they lost in the recession, however, men have not. According to the Wall Street Journal, A record 67.5 million women are working today, up from 67.4 million in early 2008. By comparison, 69 million men currently have jobs, below the high of 70.9 million in June 2007. The primary reason is because women tend to hold jobs in health, education, hospitality and retail, all sectors that have weathered the economic turmoil better than industries in which men have traditionally found employment.
Sony sells more than 1 million Playstation 4s
Consumers in North America bought more than 1 million PS4s within the first 24 hours of the new $399 home video game console going on sale Friday. According to USA Today, a few customers have reported problems with the new product but the overwhelming feedback has been positive. Playstation 4s will be released in Europe on November 29 and in Japan in February.
Butterball reports a turkey shortage
The Huffington Post reports that Butterball, the US’s top maker of Thanksgiving turkeys is having some problems delivering bigger birds to stores around the country. The company told retailers that their orders for fresh turkeys 16 pounds and bigger have been cut by 50 percent. Butterball produces around 20 percent of the US’s turkeys and about 1.3 billion pounds of turkey meat a year. This is a big worry because 16 pounds is the average weight of turkey eaten at Thanksgiving. The shortage only applies to fresh turkeys from Butterball, not frozen.
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.