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Dec 16, 2010
401(k) changes give savers a brighter future | MarketWatch - Personal Finance Daily
Personal Finance Daily
DECEMBER 16, 2010
401(k)s take sharper aim at retirement crisis
By MarketWatch
- 401(k) changes give savers a brighter future
- 30-year mortgage jumps to 7-month high
- Most holiday shoppers only half-done with lists
No, 2010 was good for 401(k) savers because a whole bunch of changes have taken place that make the accounts more investor-friendly, including rules on better disclosures and communication, the offering of better investment choices in more plans and the enhancement of automatic enrollments and automatic savings escalation.
Make no mistake, America has not overcome its retirement crisis in one year. Way too many folks have way too small a nest egg to provide much retirement security. Private pensions continue to fall by the wayside, and Social Security has its own challenges that politicians procrastinate on addressing.
But what has been happening, at least when we're talking about 401(k)s, is that a lot of positive changes will benefit the more than 70 million savers in these plans in the future — starting in 2011.
— Steve Kerch, assistant managing editor
RETIREMENT SAVINGS
401(k) changes give savers a brighter future
If you're one of the 72 million workers with a 401(k), you should consider 2010 a very good year. And 2011 might even be better.
Read more from Robert Powell.
REAL ESTATE
30-year mortgage jumps to seven-month high
Mortgage rates climbed again this week, with the 30-year fixed-rate mortgage reaching a seven-month high and the 15-year fixed-rate mortgage surpassing 4% for the first time since the end of July.
Read more about mortgages.
Foreclosure filings tumble
Foreclosure filings fell 14% in November, compared with November 2009, according to a report released Thursday by RealtyTrac, an online marketplace for foreclosure properties.
See Real Estate.
U.S. housing starts rise 3.9% in November
Construction of new U.S. homes remained at a low level in November, while permits for new construction fell, according to government data released Thursday.
See Economic Report on housing data.
INVESTING
Gold's prospects rosy in 2011, but pitfalls abound
Newly wealthy Chinese families and well-heeled U.S. fund managers conspired to push gold to records this year, and their investment rationale — rooted in fears of currency debasement and higher inflation — is likely to keep the gold rush going in 2011.
See 2011 Outlook.
Investors exit bond funds
Mutual-fund investors' love affair with bonds may be finally over, after data showed that last week taxable bond funds saw their first net outflows in two years.
See Mutual Funds.
HOLIDAY GIFT GUIDE
Most holiday shoppers only half-done with lists
Done with your holiday shopping? You belong to an elite club. Most Americans still have half their lists to go, according to a new survey.
Listen to Radio Report.
Bah-ha-ha-bug!
Target has grabbed the top spot from Wal-Mart for funny ads this holiday season, reports a new survey from the National Retail Federation. John Wordock and Ann Cates run down who's tickling your funny bone this year.
Listen to Radio Report.
TRAVEL
Credit-card travel deals get sweeter
Scott McCartney says competition among credit-card companies has led to a sweetening of credit-card travel rewards.
Watch Video Report.
F & F I N | The Australian Business Briefing : Santos seals $70bn Gladstone gas deal
| Santos seals $70bn Gladstone gas deal | |
 | EXCLUSIVE: Matt Chambers and Brett Clegg SANTOS'S Gladstone Liquefied Natural Gas project has cleared all hurdles for a 2010 green light with a $70 billion Korea Gas deal. |
| Wall St closes at two-year high | |
 | Steven Russolillo and Kristina Peterson US stocks hit fresh two-year closing highs on upbeat economic data and an optimistic tone from global bellwether FedEx. |
| Bilfinger sells unit to Lend Lease | |
 | EXCLUSIVE: Brett Clegg and Tracy Lee GERMAN builder Bilfinger Berger is set to quit Australia in a $1 billion sale to Lend Lease to be announced as early as today. |
| ECB boosts capital on debt concerns | |
 | Ian King THE European Central Bank said it would almost double its capital base, as Spain was forced to pay more to sell bonds. |
| Bank bosses to face new bonus hurdles | |
 | Katherine Griffiths THE world's largest banks must raise $773 billion in capital to comply with Basel III or face restrictions on bonus and dividend payouts. |
| Boart sees strong trends into 2011 | |
 | Cynthia Koons BOART Longyear said it expects full year earnings before interest tax depreciation and amortisation to be at least $US220 million. |
| FedEx optimistic on global economy | |
 | Bob Sechler FEDEX Corp has posted a fall in profit but raised its full-year forecast and said it is more optimistic about the global economy. |
| Sovereign risk reputation at stake | |
 | Scott Murdoch NAB chairman Michael Chaney says banks have become political footballs and that threatens to erode Australia's sovereign risk rating. |
| Financial Markets | |
 | |
| Gold falls as traders wind down | |
 | Tatyana Shumsky COMEX gold futures fell as traders booked profits ahead of the end of the year. |
 Wall St closes at two-year high | |
| Investors ignore Europe fears | |
 | |
| Financial Markets Coverage | |
| |
| Mining & Energy | |
| |
| Gold falls as traders wind down | |
| | Tatyana Shumsky COMEX gold futures fell as traders booked profits ahead of the end of the year. |
| Santos seals $70bn Gladstone gas deal | |
| Brockman-Fortescue haulage deal on track | |
| |
| More Mining & Energy Coverage | |
F & F I N | Reuters - Daily Investor Update : Wall St ends up with upbeat FedEx outlook
FROM: REUTERS: DAILY INVESTOR UPDATE
| LATEST NEWS |
| Wall St ends up with upbeat FedEx outlook |
| NEW YORK (Reuters) - U.S. stocks ended higher on Thursday as economic bellwether FedEx offered a bullish profit outlook in a hopeful sign for growth | Full Article |
| Oracle software sales surge, shares rise |
| December 16, 2010 04:23 PM ET |
| BOSTON (Reuters) - Oracle Corp's new software sales surged and beat its own forecasts, and the company reported profit ahead of Wall Street estimates, signaling that businesses have a big appetite for investing in technology. | Full Article |
| RIM profit up on strong sales of Torch device |
| December 16, 2010 04:31 PM ET |
| TORONTO (Reuters) - BlackBerry maker Research In Motion's net profit jumped 45 percent in its fiscal third quarter, boosted by strong sales of its flagship Torch smartphone and deeper adoption worldwide. | Full Article |
| Upbeat data buoys growth view as housing stays weak |
| December 16, 2010 03:51 PM ET |
| WASHINGTON (Reuters) - The economy appeared to be gaining traction, with data on Thursday showing new claims for jobless aid fell last week and factory activity in the Mid-Atlantic region grew at its quickest pace in more than 5-1/2 years this month. | Full Article |
| CFTC delays tough commodity speculation crack-down |
| December 16, 2010 04:36 PM ET |
| WASHINGTON (Reuters) - The futures regulator on Thursday unexpectedly delayed its most aggressive measures yet to prevent speculators from distorting commodity markets after it failed to find enough support for a procedural vote. | Full Article |
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| HEALTH NEWS |
| German doctors declare "cure" in HIV patient |
| FDA uncovers more problems at J&J Fort Washington plant |
| U.S., EU curb Roche's Avastin for breast cancer |
| Does lunch in front of a computer make us eat more? |
Stocks End With Solid Gains After Upbeat Economic Data - U.S. Commentary . RTTNews Evening Market Wrap
 | Evening Market Wrap | Thu Dec 16 17:01 2010 |
Commentary
Dec 16, 2010 Stocks End With Solid Gains After Upbeat Economic Data - U.S. Commentary Stocks
staved off an early lack of direction and moved up by solid margins
over the course of Thursday's session, as traders reacted to
improvements in jobless claims levels, housing starts and Philadelphia
area manufacturing activity. Full Article
Economic News
Dec 16, 2010 U.S. Weekly Jobless Claims Show Modest Decrease After
releasing a report last week showing a bigger than expected drop in
first-time claims for U.S. unemployment benefits, the Labor Department
released a report on Thursday showing another modest drop in initial
jobless claims in the week ended December 11th. The report showed that
jobless claims fell to 420,000 from the previous week's revised figure
of 423,000. The modest decrease came as a surprise to economists. Full Article
Dec 16, 2010 U.S. November Housing Starts Rise 3.9% But Building Permits Fall Housing
starts in the U.S. showed a moderate increase in the month of November,
according to a report released by the Commerce Department on Thursday,
although the report also showed an unexpected drop in building permits.
The Commerce Department said housing starts rose 3.9 percent to an
annual rate of 555,000 in November from the revised October estimate of
534,000. Full Article
Dec 16, 2010 Philly Fed Index Rises To Five-Year High Manufacturing
conditions in the Philadelphia-area continued to improve in December,
the Philadelphia Federal Reserve revealed in a report on Thursday, with
the index of regional manufacturing activity unexpectedly increasing for
the month. The Philly Fed said its diffusion index of current activity
rose to 24.3 in December from 22.5 in November, with a positive reading
indicating growth in regional manufacturing activity. Economists had
been expecting the index to fall to a reading of 13.0. Full Article
Corporate News
Dec 16, 2010 FedEx Q2 Results Miss Estimates, But Lifts ForecastPackage
delivery company FedEx Corp. (FDX) Thursday reported a decline in
profit for the second quarter, reflecting mainly costs related to the
combination of FedEx Freight and FedEx National LTL operations,
including severance costs. Revenues and adjusted earnings for the
quarter grew from last year, but came in below market consensus. The
company, however, lifted its adjusted earnings guidance for fiscal 2011. Full Article
Dec 16, 2010 General Mills Q2 Profit Rises; Backs 2011 OutlookBranded
consumer foods maker General Mills Inc. (GIS) reported Thursday a 9%
year-over-year increase in profit for the second quarter, despite
contracting margins, mainly reflecting lower income taxes and sales
growth. However, adjusted earnings per share for the quarter was down a
penny, and missed analysts' expectations by two cents. The company also
said it expect to deliver good sales and profit growth in the second
half, and reaffirmed its adjusted earnings forecast for the full-year
2011. Full Article
Dec 16, 2010 McDonald's To Double Presence In China By 2013 Fast
food giant McDonald's Corp. (MCD) said Wednesday that it plans to boost
investment in China and double its presence there by 2013, according to
a release published on the company's China website. The company plans
to increase its investments in China by 40% next year and to add as many
as 200 new restaurants in 2011. Full Article
Political News
Dec 16, 2010 Poll Shows Drop In Support For Obama Among Liberal DemocratsWhile
President Barack Obama continues to have strong support among liberal
Democrats, the results of a Gallup poll released on Thursday showed that
the president's approval rating among the group has been slipping since
the midterm elections. The poll showed that Obama's approval rating
among liberal Democrats dropped to 79 percent in the week after he
announced an agreement with Republican leaders to extend all of the Bush
tax cuts, including the tax cuts for the wealthy. Full Article
F & F I N | The Australian Capital Circle: It's great to smell the fresh air of London again
| It's great to smell the fresh air of London again |
| Julian Assange has vowed his Wikileaks website will fight on after nine days in a Victorian-era prison in London. |
| Welcome to the final edition of Capital Circle for 2010. After a day of uncertainty about his fate, Mr Assange and his legal team walked outside the court yesterday into a light snow storm to address about 200 journalists from around the world. Assange said:
"First,
some thankyous. To all the people around the world who have had faith
in me, who have supported my team while I have been away. To my lawyers,
who have put up a brave and ultimately successful fight, to our
sureties (bail guarantors) and people who have provided money in the
face of great difficulty and aversion. And to members of the press who
are not all taken in, and considered to look deeper in their work. And I
guess finally, to the British justice system itself, where if justice
is not always the outcome at least it is not dead yet."
Asylum tragedy: LABOR
Party national president Anna Bligh has backed a complete review of the
government's border protection policies. The call comes as political
unity over the Christmas Island asylum boat disaster crumbled.As the
frantic search continued for survivors of Wednesday's horror sinking,
the opposition said it would not join a proposed bipartisan group
announced by Julia Gillard yesterday. (Jamie Walker and Paul Maley report)David King reports from Christmas Island: THEY were the words that brought a brief smile to the face of a young Iranian asylum-seeker Ahmed. Only hours before he had experienced the trauma of watching many of his fellow travellers drown in heavy seas. "Ghorboonet beram," said US psychiatry professor Jagannathan Srinivasaraghavan, as he came across Ahmed in Christmas Island's hospital. They were the only Farsi words the professor knew - meaning "I love you" - but they provided a moment of light relief after the horrors of the morning. And Joe Kelly reports this morning: |
 Read more... |
NYT: Afternoon Business News Update
European Leaders Agree to a Permanent Crisis Fund
By STEPHEN CASTLE and DAVID JOLLY
In
an effort to calm fears of spreading financial instability, European
Union leaders agreed Thursday to create a permanent support fund for the
euro after 2013.
Prescriptions Blog
F.D.A. Plans to Bar Avastin for Breast Cancer
By ANDREW POLLACK
The agency said on Thursday that it would move to revoke approval of the drug because it was ineffective.
A Call for a Federal Office to Guide Online Privacy
By TANZINA VEGA
A
Commerce Department task force is recommending that a Privacy Policy
Office would work with other agencies on international and commercial
data privacy issues.
DealBook
4 Arrested in Insider-Trading Case
By WILLIAM K. RASHBAUM and PETER LATTMAN
Prosecutors say an expert network firm paid more than $400,000 to tech company employees who provided confidential information.
Nokia Sues Apple for Patent Infringement in Europe
By KEVIN J. O'BRIEN
The
lawsuits filed in Germany, the Netherlands and Britain are the latest
salvos in a long legal battle between the two mobile phone rivals.
The Washington Post Afternoon Edition: Most Read Opinions
1) The socialist president plays host to capitalism
If Obama keeps this up, he'll earn a tickertape parade on Wall Street.
2) Could there be a Tet Offensive in Afghanistan?
Could the Taliban match in Afghanistan what North Vietnam achieved in 1968?
3) Where the 'No Labels' movement falls short
Political terminology isn't the real problem.
4) Did someone say we're at war?
If we keep taxes low on America's high earners, the terrorists win.
5) Calif. parents reclaim a failing school - and make history
In California, we've found a way to save kids from failing schools.
6) The split in Pakistani and American interests
Can Pakistan do any more to fight insurgents?
7) Editorial: A questionable plan to aid underwater homeowners
THE
U.S. ECONOMY can't truly recover until the housing market revives. Yet
recent data indicate that prices , already off an average of 30 percent
from their peak in 2006, have still not touched bottom. Lending
conditions are tight , and mortgage rates are ticking up again. Nearly a
quarter of...
8) Forget Tea Party rhetoric - pork barrel politics is back
Freshman lawmakers, such as Kristi Noem, are acting in ways the Tea Party deplores.
9) Editorial: Gov. McDonnell's transportation plans amount to a whimper
REPEATEDLY
AND RIGHTLY, Virginia Gov. Robert F. McDonnell (R) has cited the
state's disastrously underfunded transportation network as a critical
threat to long-term prosperity, and he's promised major steps to save
it. Judging by what he's said, Virginians should have been expecting a
thunderclap...
10) Editorial: African leaders take a stand in the Ivory Coast
THE
SLOW progress of democracy in Africa has been hindered by two bad
bargains the continent's leaders have made in recent years. In 2007,
Kenyan President Mwai Kibaki sought to remain in office even though exit
polls showed he had lost an election to challenger Raila Odinga. After
an eruption of...
F & F I N : U.S. Markets At Close Indexes
FINANCIAL & FOREX INFO NEWS
Dec.16, 2010 at 4.00p.m E.S.T.
Major Stock Indexes
| Last | Change | % Chg | |
| DJIA* | 11500.01 | 42.54 | 0.37 |
| Nasdaq* | 2637.31 | 20.09 | 0.77 |
| S&P 500* | 1242.90 | 7.67 | 0.62 |
| DJ Total Stock Market* | 13120.66 | 87.21 | 0.67 |
Source: The wall Street Journal
Lackluster Open Likely For Stocks After Jobs, Housing Data - U.S. Commentary . RTTNews Morning Market Briefing
| | Morning Market Briefing | Thu Dec 16 2010 |
Commentary
Dec 16, 2010 Lackluster Open Likely For Stocks After Jobs, Housing Data - U.S. Commentary Stocks
futures are showing little change ahead of the opening bell on
Thursday, even after a pullback in jobless claims and housing starts
that came in higher than expected. Currently, the major index futures
are seeing modest gains, with the Dow futures up by 9 points. Full Article
Economic News
Dec 16, 2010 India's Central Bank Holds Key Rates; Cuts Liquidity Ratio The
Reserve Bank of India decided to leave its key interest rate unchanged
as expected on Thursday after raising it six times this year. Full Article
Dec 16, 2010 Swiss Interest Rates Frozen At 0.25% The
Swiss central bank has left its key interest rate, the three-month
Libor, unchanged at 0.25%, citing the strong franc and muted
inflationary pressures. Full Article
Dec 16, 2010 S&P Raises China's Credit Ratings To 'AA-' Rating
agency Standard & Poor's on Thursday raised its long-term foreign
and local currency sovereign credit ratings citing substantial foreign
exchange reserves and strong fiscal position. Full Article
Dec 16, 2010 U.K. Retail Sales Growth Slows In November U.K.
retail sales rose at a moderate pace in November ahead of the key
Christmas shopping period and the increase in the value added tax in
January. Full Article
Dec 16, 2010 Eurozone Recovery Slows In December Eurozone
recovery slowed in December as the service sector growth eased to a
two-month low, a closely watched survey showed Thursday. Full Article
Dec 16, 2010 U.S. Weekly Jobless Claims Slip To 420,000 After
releasing a report last week showing a bigger than expected drop in
first-time claims for U.S. unemployment benefits, the Labor Department
released a report on Thursday showing another modest drop in initial
jobless claims in the week ended December 11th. Full Article
Dec 16, 2010 U.S. Housing Starts Come In Above Expectations In November Housing
starts in the U.S. showed a notable increase in the month of November,
according to a report released by the Commerce Department on Thursday,
although the report also showed an unexpected drop in building permits. Full Article
Earnings News
Dec 16, 2010 Discover Financial swings to profit in Q4Discover
Financial Services (DFS) on Thursday posted a profit for the fourth
quarter, helped by the sustained and significant improvement in the
credit performance of the Discover card portfolio. Full Article
Dec 16, 2010 General Mills Q2 results miss estimates; reaffirms FY11 adj. EPS ViewGeneral
Mills Inc. (GIS) Thursday reported higher second-quarter profit ,
helped by a tax benefit. However, adjusted earnings declined and missed
the Street View. The company reaffirmed its fiscal 2011 adjusted EPS
guidance. Full Article
Dec 16, 2010 FedEx Q2 profit down on Charges; ups FY11 adj. EPS viewFedEx
Corp.(FDX) Thursday posted lower earnings for the second quarter, which
included charges related to the consolidation of its operations and a
reserve associated with a legal matter. However, adjusted earnings and
revenues improved, but missed estimates. The company raised its fiscal
2011 adjusted earnings guidance. Full Article
Dec 16, 2010 Danaher narrows Q4, FY10 adj. EPS guidanceDanaher
Corp. (DHR), a consumer products manufacturer, Wednesday said it
narrowed its adjusted earnings per share outlook for the fourth quarter
and full year 2010. Full Article
Dec 16, 2010 AmerisourceBergen to reaffirm FY11 guidanceAmerisourceBergen
Corp. (ABC) Thursday said it would reaffirm its fiscal 2011 financial
guidance at the Annual Investor Day in New York City. Full Article
Broker Ratings Changes
Dec 16, 2010
FBR Capital Markets Cuts Alliant Techsystems Inc. (ATK) To Market
Perform From Outperform With $81 Down From $105 Price Target
Dec 16, 2010
FBR Capital Markets Downgrades L-3 Communications Holdings, Inc (LLL)
To Market Perform From Outperform With $74 Down From $95 Price Target
Dec 16, 2010 FBR Capital Markets Initiates HEICO Corp. (HEI) At Market Perform With $60.00 Price Target
Todays WS Events
Dec 16, 2010 Southwest Airlines 2010 Analyst Meeting At 10:30 AM ET Southwest
Airlines Inc. (LUV) CEO, Gary Kelly will host its 2010 Analyst Meeting.
The event is scheduled to begin at 10:30 AM ET, December 16, 2010. To
access the live webcast, log on to www.southwest.com/investor_relations
Dec 16, 2010 Micron Annual Meeting Of Shareholders At 11:00 AM ET Micron
Technology Inc. (MU) will host its annual meeting of shareholders in
Boise, Idaho, corporate headquarters, 8000 S. Federal Way. The event is
scheduled to begin at 11:00 AM ET, December 16, 2010. To access the
webcast, log on to www.micron.com/ir
Dec 16, 2010 Oracle Q2 11 Earnings Conference Call At 5:00 PM ET Oracle
Corp. (ORCL) will host a conference call at 5:00 PM ET, December 16,
2010, to discuss its Q2 11 earnings results. To access the live webcast,
log on at www.oracle.com/investor
Dec 16, 2010 Procter & Gamble 2010 Analyst Meeting At 8:00 AM ET Procter
& Gamble Co. (PG) CEO, Bob McDonald, will host an P&G 2010
Analyst Meeting in Cincinnati, Ohio, to discuss the update of the
company's business results and long-term growth strategies. The event is
scheduled to begin at 8:00 AM ET, December 16, 2010. To access the live
audio webcast, log on to www.pg.com/investors
Dec 16, 2010 Honeywell To Present At Bank Of America Conference; Webcast At 8:50 AM ET Honeywell
International Inc. (HON) CFO, David J. Anderson, will present at the
Bank of America Merrill Lynch Global Industries Conference in New York
City. The event is scheduled to begin at 8:50 AM ET, December 16, 2010.
To access the live audio webcast, log on to www.honeywell.com/investor
F & F I N | EConomic Statistics Administration ( ESA) Building permits Down 4% from October and Also 14.7% From Nov. 2009.
Building permits in November 2010 were 530,000, down 4.0% from October and below 14.7% from November 2009. Housing starts were 555,000, up 3.9% from October, but down 5.8% from November 2009.
U.S. Current Accoun Encrease 3.5% of GDP Relative To Previous Quarter
The U.S.
current account deficit increased to $127.2 billion, or 3.5% of GDP in
the third quarter of 2010, up from $123.2 billion in the second quarter
of 2010, or 3.4% of GDP.
F & F I N | Reuters Before The Bell : EU struggles for unity ahead of debt crisis summit.
From: Reuters - Before The Bell
| LATEST NEWS |
| Futures gain ahead of jobs data, FedEx results |
| NEW YORK (Reuters) - Stock index futures were slightly higher on Thursday as investors awaited data on jobs and housing and corporate earnings from bellwether FedEx for signs of improvement in the economy. | Full Article |
| EU struggles for unity ahead of debt crisis summit |
| December 16, 2010 07:51 AM ET |
| BRUSSELS/BERLIN (Reuters) - European leaders sought to paper over deep divisions on how best to resolve the debt crisis ahead of a summit on Thursday, and Spain and Portugal came under renewed pressure to get their finances in order. | Full Article |
| Obama's $858 billion tax-cut plan heads to House |
| December 16, 2010 07:01 AM ET |
| WASHINGTON (Reuters) - A deal that President Barack Obama struck with Republicans to extend tax cuts for nearly every working American and spur job growth moves to the House of Representatives for passage as early as Thursday. | Full Article |
| Basel regulators give some countries extra leeway |
| December 16, 2010 06:18 AM ET |
| LONDON (Reuters) - Global regulators said on Thursday that banks in low debt countries like Australia and Denmark will get more leeway to comply with tough new liquidity rules. | Full Article |
| BP investors spooked by oil spill lawsuit |
| December 16, 2010 07:45 AM ET |
| LONDON (Reuters) - Oil giant BP was the biggest faller on Britain's blue-chip board on Thursday, as investors fretted that a U.S. government lawsuit may mean the cost of its oil spill will be far higher than predicted. | Full Article |
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| HEALTH NEWS |
| German doctors declare "cure" in HIV patient |
| FDA uncovers more problems at J&J Fort Washington plant |
| FDA panel urges new look at "silver" teeth fillings |
| Tainted food sickens 48 mln each year: CDC |
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