Economy & Markets
The important economic and stock market news that advisors need to know.
Japan Takes Steps to Weaken Yen
By Marlene Y. SatterIn response to a move by Switzerland on Wednesday to weaken the Swiss franc, Japan found itself forced to intervene on behalf of its own currency on Thursday for the third time in less than a year, selling an unspecified quantity of yen on the market.
August 03, 2011
Gold Continues Record RunGold set a record price for the second day in a row on Wednesday, as investors reacted to concerns over the euro zone debt crisis. Adding to the pressure on the precious metal's price was the news that several nations' central banks had also bought gold.
August 03, 2011
Older Workers in Labor Force Is Highest in 35 YearsMore Americans close to or beyond retirement age are staying in the work force. The so-called labor-force participation rate reached 40.2% for older workers in 2010, the highest level over the 1975–2010 period, according to new data from the Employee Benefit Research Institute.
August 03, 2011
Swiss Takes Surprise Action to Protect Franc, Slashing RatesIn an attempt to safeguard the Swiss franc against skyrocketing value, the Swiss National Bank on Wednesday said it would slash already-low interest rates in a move that shocked markets.
August 02, 2011
Euro Crisis Spreads as Italian, Spanish Debt Yields Pass 6%The massive size of Italian and Spanish debt in comparison to that of Greece, Portugal and Ireland imparts global economic significance to Tuesday's bond market news.
August 02, 2011
Obama Signs Debt Bill; Vows ‘Everything on Table’ for Future TalksAfter the Senate passed the bill, 74-26, on Tuesday, President Obama signed the bill into law and said that deficit reduction would need a 'balanced approach' to succeed.
August 02, 2011
PIMCO’s Gross Slaps U.S. With Scarlet ‘A’ for Budget Abuse; Offers Steps to Remove ItCiting Davy Crockett, PIMCO founder Bill Gross mournfully notes, ‘The time for funnin is over,’ now that the latest debt ceiling and budget debate has been settled.
August 02, 2011
China Reverse Merger Boom Goes Bust Costing Investors BillionsChinese reverse mergers, once all the rage, have cooled off, costing U.S. investors billions.