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NEWS
March 13, 2013 | By Mark J. Magyar, NJ SPOTLIGHT
Three months ago, Gov. Christie's budget was in deep trouble. His revenue forecasts for the 2012 and 2013 fiscal years had come up a total of $750 million short. Standard & Poor's had downgraded New Jersey's revenue picture from "stable" to "negative," and nobody knew what the real budget impact of Hurricane Sandy would be. Today, however, thanks to a surge in income tax payments by wealthy taxpayers cashing out before federal tax hikes and cashing in on a bull market, it's clear Christie has dodged what could have been a major fiscal nightmare heading into his November reelection campaign.
NEWS
August 16, 1987
After so much dreary economic babble about deficits and the inability of American business to compete, it certainly was refreshing this past week to hear all the uproar about the glorious "bull market" on Wall Street. For one thing, the lingo is so racy. The question of the hour is, "Has the bull got legs?", while analysts argue feverishly about "the Dow" and whether the next "correction" will in fact become a "crash. " Goodness! This is more fun to talk about than foreign exchange rates.
BUSINESS
February 12, 1994 | FROM INQUIRER WIRE SERVICES
Stocks endured another edgy session yesterday before severe weather halted trading - the first weather-related early closing of the NYSE in 16 years. Most market indicators had modest losses and were well above their worst levels when trading ended at 2:30 p.m., 90 minutes ahead of its normal closing time. The Dow Jones industrial average finished at 3,894.78, off 0.56 of a point, which left it up 23.36 for the week. It drifted at nearly neutral levels for much of the abbreviated session until futures-related selling temporarily depressed it by more than 20 points around midday.
BUSINESS
January 26, 2008 | By Sam Wood INQUIRER STAFF WRITER
A live bull was paraded into the Philadelphia Stock Exchange yesterday morning to help mark the ceremonial opening of the market for the day. TC, a gentle-tempered Brahma bull, was greeted by nearly 100 people as he arrived at 1900 Market St. shortly after 9 a.m. He rode the building's freight elevator down one level to the exchange's trading floor. "There's been a lot of talk about insecurity in the markets," exchange chairman Meyer S. Frucher said. "A lot of people have been praying for a bull market.
BUSINESS
March 3, 1996 | By Cynthia Mayer, INQUIRER STAFF WRITER
After 15 months of a rising stock market in which broad indexes have gained 52 percent or more, it's tempting to look at last week's gyrations in stocks and bonds as the dying flutters of a spent bull market. History suggests otherwise. This market has been remarkable, but it doesn't match past markets in percentage gain or duration, market historians say. It has risen neither as high as the 1920s and early 1980s markets, nor for as long as the golden 1950s and 1960s markets.
NEWS
January 11, 1997 | By Ellen Goodman
A few years ago, I started a small file of those items in American life that do not live up to their billing. This project was inspired by my word guru Frank Mankiewicz and his brother's piece of pie. One day, this brother had gone up to a racetrack vendor boasting "Hot Meat Pies" in colorful letters on his cart. He bit into the crust and hit a very cold piece of carne. But when he complained, the man dismissed him airily. "Hot Meat Pie," the man exclaimed, "That's just the name of the pie. " Since then I have collected the "One-Hour Cleaner" that didn't, the "World's Best Hot Dog" that wasn't, and the "Fresh Frozen Fish.
NEWS
March 10, 1992
Just a month ago, it looked like the tense relationship between the behind- schedule Pennsylvania Convention Center and its joined-at-the-hip neighbor - the 100-year-old Reading Terminal Market - would explode into guerrilla warfare. Convention officials, worried about finishing the project at 12th and Market Streets, had told the market's already-uneasy greengrocers, specialty butchers and pretzel purveryors that they would be shut down for up to 10 weeks at a time. The merchants cried foul, citing a "continuous operating agreement," which they insisted was to keep them open - even during the worst of construction.
BUSINESS
August 19, 1987 | By Jennifer Lin, Inquirer Staff Writer (The Associated Press contributed to this article.)
The bull market retreated yesterday after heavy selling in the dollar triggered a wave of profit-taking in stocks and bonds. The Dow Jones industrial average, which has shattered records in the last week by charging from 2,600 to 2,700 in only five trading days, closed yesterday at 2,654.65, a decline of 45.92 points. The selling was strong all day, with the blue-chip index off 65 points at 12:19 p.m. The losses were felt across the board. Declining issues outpaced rising stocks by more than 3-to-1 on the New York Stock Exchange, with 1,296 down, 393 up and 312 unchanged.
BUSINESS
January 4, 1988 | By Jennifer Lin, Inquirer Staff Writer
More than money was lost in the stock market last year. When $500 billion in paper profits vanished in one day in October, the lights went out on an era. Gone is the exuberance that marked five years of a bull market. Gone, too, is the notion of Wall Street as wonderland. In its place is so much confusion about the economy that investment experts are heading into 1988 with only weak hope that the financial markets will show any improvement at all. "Confidence has been lost, and that's even more serious than money," said James Stack, editor of the InvesTech Market Analyst in Whitefish, Mont.
NEWS
December 1, 1996 | By Andrea Knox, INQUIRER STAFF WRITER
For six years, it's been pretty much nothing but up, up, up for the stock market. Last week was no different, though the rise was of more modest proportions: The Dow Jones industrial average closed Friday at 6,521.70, up 49.94 for the week, while the Nasdaq hit a record 1,292.61 on the week's gain of 18.25. The Standard & Poors 500 Stock Index, another measure of the market's strength, was up, too - after gaining 174 percent between the beginning of the bull market in 1990 and the end of October.
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BUSINESS
October 20, 2014 | By Joseph N. DiStefano, Inquirer Staff Writer
The lengthy bull market has helped boost Vanguard Group investors' assets by $1 trillion since the end of 2011. New revenues from the fees investors pay have also been growing. Malvern-based Vanguard now manages $2.7 trillion in U.S. investments, up from $1.6 trillion in 2011. Rising stock values, plus Vanguard's growth at the expense of its rivals - it now controls 18 percent of U.S. mutual fund assets, up from 13 percent before the recession - has generated more than $1 billion in additional annual fees over the last three years.
BUSINESS
February 18, 2014 | By Erin E. Arvedlund, Inquirer Columnist
You might not want to hear it, but it's a good time to take profits by selling some big gainers in your portfolios - since that's how you make money. Last year's fabulous stock market return is prompting such money managers as Mark Fried to sell some stock positions and wait for a pullback, then redeploy the cash into some favorite names. "In the last month or so, we have increased our cash position to 20 percent from 10 percent in conservative portfolios," the Newtown portfolio manager and president of TFG Wealth Management says in an interview.
BUSINESS
January 28, 2014 | By Erin E. Arvedlund, Inquirer Columnist
Vincent Lowry, a onetime Philly police detective, switched over to Wall Street decades ago. Now he is capturing the stock market's gains in what he believes is a smarter way. Lowry founded his own firm in 2004 in the old IBM building at 2005 Market St. and launched RevenueShares in 2008 to create new-fangled, exchange-traded funds (ETFs) based on revenue growth. His index fund ETFs differ in a key respect: He starts with the Standard & Poor's index benchmarks, but then weighs the public companies based on revenue, rather than market capitalization or earnings.
BUSINESS
November 14, 2013 | By Erin E. Arvedlund, Inquirer Columnist
At least one investment research firm is calling for a correction in the stock market, and advising us to get ready to sell stocks. That gives us a chance to explain the difference between a "correction" and a "bear market" in equities. Corrections come in three sizes: small (3 percent to 5 percent), medium (5 percent to 10 percent), and bear market (more than 20 percent). "Small ones are hard to predict and rebound quickly," said Jean-Yves Dumont, of GaveKal Research, headquartered in New York.
BUSINESS
October 3, 2013 | By Erin E. Arvedlund, Inquirer Columnist
It is not the government shutdown that has investors worried. It is the potential for a U.S. debt default come Oct. 17. After all, if Congress can't agree on a budget, how on earth will it agree to extend the ceiling on U.S. government borrowing? An agreement will eventually happen, says Guy LeBas, fixed-income strategist at Janney Montgomery Scott in Center City: "Although the risks posed by the debt ceiling are more significant than those for the shutdown . . . we expect the legislature will lift the debt limit, though possibly not until after receiving a negative market signal.
BUSINESS
March 27, 2013 | By Erin E. Arvedlund, Inquirer Columnist
Will sequestration hurt the stock and bond markets? Not this month, when the budget cuts are scheduled to take effect. What about the economy? Probably not that much either, according to prognosticators. The sequestration cuts themselves are actually quite tiny. Total federal spending in 2012 was $3.53 trillion. President Obama's budget request for 2013 was $3.59 trillion. Under sequestration, total federal spending in 2013 would be $3.55 trillion, an increase of only $25 billion, a little less than 1 percent, according to the Congressional Budget Office (CBO)
NEWS
March 13, 2013 | By Mark J. Magyar, NJ SPOTLIGHT
Three months ago, Gov. Christie's budget was in deep trouble. His revenue forecasts for the 2012 and 2013 fiscal years had come up a total of $750 million short. Standard & Poor's had downgraded New Jersey's revenue picture from "stable" to "negative," and nobody knew what the real budget impact of Hurricane Sandy would be. Today, however, thanks to a surge in income tax payments by wealthy taxpayers cashing out before federal tax hikes and cashing in on a bull market, it's clear Christie has dodged what could have been a major fiscal nightmare heading into his November reelection campaign.
BUSINESS
October 3, 2012 | By Erin E. Arvedlund, Inquirer Columnist
In April 2011, in our first column, we addressed whether it was still a good idea to invest in gold - trading at about $1,400 an ounce, at the time. The bullion price today is roughly $1,775 per ounce. There are many currents influencing the price of this precious metal, so it's helpful to check in with a market technician or analyst who follows trading patterns and momentum of a security's price, to find out whether gold's rally still has legs. Andrew Cardwell, a Philadelphia native, runs a technical trading outfit called Cardwell RSI Edge, and he predicts that gold's upward trend will continue well into 2013.
BUSINESS
August 26, 2012 | By Andrew Tangel, Los Angeles Times
NEW YORK - They've called from pay phones. They've had furtive meetings at hotels and even a church. On internal government documents, they go by such code names as Mr. X. For the last year, whistle-blowers deep inside corporate America have been dishing dirt on their employers under a Securities and Exchange Commission program that could give them a cut of multimillion-dollar penalties won by financial regulators. A new bounty program has been an intel boon to the securities industry regulator, which has struggled to redeem itself after failing to stop Bernard Madoff's epic Ponzi scheme and rein in Wall Street before the 2008 financial crisis.
BUSINESS
October 4, 2011 | By David K. Randall, Associated Press
NEW YORK - The latest setback in Greece's financial crisis sent the Standard and Poor's 500 index to its lowest level of the year, putting it on the edge of a new bear market. The index, the benchmark for most U.S. stock funds, has fallen 19.4 percent since its high for the year on April 29. A 20 percent drop would signify the start of a bear market, ending a bull market that began in March 2009. The S&P 500 has gained 76 percent since then, including dividends. European markets slumped, dragging U.S. stocks down along with them, after Greece said it would miss deficit reduction targets it agreed to as part of its bailout deal.
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