The Nasdaq returns to the highest levels since 2000 while both durable goods orders and jobless claims fall. And how many Christmas lights do you need to put on your house to achieve the world record?
Nasdaq closes over 4000 for first time in 13 years
The Nasdaq closed above 4000 for the first time in 13 years, as reported by the Wall Street Journal. A rise of 23.18 points Tuesday, to close at 4017.75, puts the index up 33 percent for the year. It remains more than 1000 points below its record close of 5048.62 on March 10, 2000.
Durable goods orders fall
Businesses spent less last month on machinery, computers and most other items, lowering orders for US long-lasting factory orders. According to the Associated Press, the Commerce Department said that orders for durable goods fell 2 percent in October when compared to September. That follows a 4.1 percent increase in September from August. Demand for aircraft fell 16 percent last month, accounting for most of the decline. Orders for core capital goods fell 1.2 percent.
Farm incomes increase
Farm incomes in America are expected to hit their highest level in four decades this year, the US Department of Agriculture indicated on Tuesday. According to the Wall Street Journal, the USDA forecasts that net farm income will rise 15.1 percent this year to $131 billion, the highest level since 1973 on an inflation-adjusted basis. Next year, falling crop prices are expected to lower farm incomes.
Jobless claims drop to 316,000 as layoffs slow
The number of Americans seeking unemployment dropped to a seasonally adjusted 316,000. The Associated Press reports that the less volatile four-week average fell to 331,750. Unemployment benefits applications are a proxy for layoffs. They have fallen in six of the past seven weeks. The unemployment rate remains at 7.3 percent, well above the 5 to 6 percent rate that represents a healthy employment picture.
World record set for Christmas lights
An Australian family has set the Guinness World Record – again- for the most Christmas lights on a residential home. According to USA Today, it took 502,165 lights and 31 miles of wire for the Richards family to reclaim the title. The electric bill for this holiday spectacle tops $2,345, however, a local power company has offered to pay $2300 of the bill. The family acknowledges that most of their neighbors are fine with the display, but some haven’t spoken to them since the first time they set the record in 2010. Last year, a New York family set the record with 346,000 lights.
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.