While the daily numbers show the week started and ended in the red, the overall direction for the markets was up. Monday’s red results were likely caused by a slip in West Texas Intermediate crude, as the slip affected several of the big energy companies. In economic news, durable goods orders increased in June, exceeding expectations. On Tuesday, energy stocks rebounded because of a jump in crude oil. Oil prices still dominated the headlines Wednesday, as crude oil added 1.7% to settle at $48.79 a barrel following a decline in crude oil inventories. Comments from the Federal Reserve’s two-day meeting offered no grand revelations on whether they will lift interest rates at the upcoming meeting in September. However, the Fed kept its stance that the U.S. economy and job market are continuing to improve. Indices closed out mixed on Thursday with disappointing earnings news from Procter & Gamble. Friday’s session ended in red territory as Energy stocks Exxon Mobil and Chevron traded lower following the release of less-than-stellar earnings details. The markets also likely reacted to The University of Michigan’s consumer sentiment index, which fell to a reading of 93.1, down from 96.1 in June. Economists had expected a lesser dip to a reading of 94.
The “Money Talks” experts address a listener’s question on the strategy of rolling IRA funds into a 401(k) to avoid required minimum distributions if you are approaching 70 ½ and still working. They also cover stock questions on pharmaceutical companies Akorn, Inc., and AMAG Pharmaceuticals, and electronics company Sony.
This week on “Money Talks,” Senior Associate, K.C. Smith, CFP®, joins Matt Hames, CTFA, and Troy Harmon, CFA, CVA, to discuss second quarter earnings for the market. They also touch on economic news, including the SEMI book-to-bill ratio, mortgages, home sales and jobless claims. Apple’s earnings are also talked about. In this week’s case study, our experts discuss what a daughter and her father need to do to plan for incapacity, as he was diagnosed with early Alzheimer’s this year. The hosts also address listeners’ questions on 401(k) rollovers, Celgene, Artic Cat, SEI Investments, Bank of New York Mellon and Western Digital
Our experts take a broad look at planning for incapacity in the case of an elderly investor who has been diagnosed with the early signs of dementia.
Monday’s gains marked a return for major indices to record or near-record territory. European stocks also advanced as Greek banks reopened after a three-week hiatus. Tuesday, stocks fell after weak earnings from IBM and United Technologies. Meanwhile, Apple dipped ahead of its earnings release. The company issued robust quarterly data after the closing bell. Energy giants Chevron, Halliburton and Royal Dutch tacked on gains amid a jump in crude oil futures. West Texas Intermediate crude ticked up 0.4% to settle at $50.36 a barrel. Technology stocks continued to drag the markets down the next day. As the largest company by market capitalization in the S&P and NASDAQ, Apple has an outsized impact on the two market-cap weighted indices. Stocks dipped on Thursday amid a variety of economic news and earnings details. Labor Department data showed initial jobless claims decreased by 26,000 to 255,000 last week. Trading closed lower on Friday, with stocks retreating on a variety of economic news. Crude oil continued to dip. West Texas Intermediate crude slipped 0.6% to settle at $48.14 a barrel. Oil was down 5.4% for the week. On another note, new homes sales fell by 6.8% to an annual rate of 482,000 in June. Economists had expected a reading of 550,000.
Our experts address how you can roll a distribution from a 401(k) into an IRA. They also discuss a variety of stocks, including biopharmaceutical company Celgene, recreational vehicle maker Artic Cat, financial investment companies, SEI Investments and Bank of New York and data storage solution company Western Digital.
This week on “Money Talks,” Matt Hames, CTFA and Troy Harmon, CFA, CVA, are joined by Scott Keller, CFA, to discuss the market’s movements, the Beige Book, Producer Price index and earnings from Google, Wells Fargo, Bank of America and Johnson & Johnson. The hosts also delve into a case study of a young family that inherited a large sum of money. They want to travel and see the world, but first they need a financial plan to put the inherited assets to work for their future. Our experts also address listener questions on ID theft protection services, the need for long-term care insurance, international real estate and Zillow.
Our experts discuss a case study of a family who received an influx of cash through an inheritance. They discuss the importance of a financial plan before spending a dime.
The markets opened the week higher following news of a Greek debt solution. Euro zone leaders reached an agreement with Greece to proceed with a bailout loan, on the condition Athens enforce tough reforms. On Tuesday, Technology brands led the market up. Search giant Google tacked on 2.66% ahead of its earnings release on Thursday. Amazon.com posted a 2.2% gain following a UBS ratings upgrade to “buy” from “neutral.” Meanwhile, energy companies moved up after West Texas Intermediate crude added 1.6% to settle at $53.04 a barrel. Mid-week, the Producer Price index for final demand advanced 0.4% from May, beating the consensus forecast for a 0.2% increase. Industrial production was mediocre in June, with unexpected support from mining and a boost from utilities fueling a 0.3% increase. Google reported quarterly figures after the closing bell on Thursday, with second quarter earnings hitting $6.99 a share. This was well beyond expectations. Indices closed mixed on Friday. The Dow shed some points, while the S&P 500 and NASDAQ added gains. Google led the NASDAQ to another all-time record level. In economic news, census data showed housing starts increased by 9.8% to a rate of 1.17 million in June. The results exceeded an expected pace of 1.11 million
Our experts address a listener’s questions on identity theft protection services, such as Life Lock. They also answer questions on how to determine if you need to purchase long-term care insurance, global real estate funds and internet real estate marketplace Zillow.