Tuesday, March 30, 2010
Friday, March 19, 2010
Stocks end mixed after price, jobs reports
Major stock indexes ended mixed Thursday on more evidence that the economy is regaining strength at a slow pace.
The Dow Jones industrial average rose for an eighth straight day, its longest unbroken climb since August. The Dow gained 46 points while broader indexes were little changed.
Reports indicated that inflation remains in check and manufacturing is growing. The government said, however, that first-time claims for unemployment benefits only inched lower.
The Labor Department said its Consumer Price Index was unchanged in February and that initial jobless claims fell last week. Meanwhile, the Philadelphia Federal Reserve said manufacturing in its region increased this month. The Conference Board, a private research group, said its index of leading indicators rose at a slow pace last month.
"The market has been grinding higher on what has been benignly positive news," said Alan Gayle, senior investment strategist for RidgeWorth Investments. "There is a growing sense the economy is plodding along in the right direction."
Renewed concern about economic troubles in Greece kept the gains in check. The country said it might turn to the International Monetary Fund for support if European leaders can't agree to a bailout plan next week.
Stocks have been in a steady climb for about five weeks as economic reports signal the economy is seeing modest improvement.
The Dow rose 45.50, or 0.4 percent, to 10,779.17. That marks the highest close since Oct. 1, 2008. The Dow last rose for eight straight days in the period ended Aug. 27.
The broader Standard & Poor's 500 index slipped 0.38, or less than 0.1 percent, to 1,165.83, while the Nasdaq composite index rose 2.19, or 0.1 percent, to 2,391.28.
Bond prices fell and yields rose following the economic reports. The yield on the benchmark 10-year Treasury note rose to 3.68 percent from 3.64 percent late Wednesday.
The dollar rose against other major currencies. Gold rose.
Crude oil fell 73 cents to settle at $82.20 per barrel on the New York Mercantile Exchange.
The Labor Department's Consumer Price Index was flat. Excluding volatile energy and food prices, it rose 0.1 percent. Economists polled by Thomson Reuters forecast an increase of 0.1 percent in both measures of inflation. On Wednesday, the government said that wholesale prices barely rose in February.
The Federal Reserve repeated this week that it expects inflation to remain low. That would allow the central bank to keep interest rates low to help revive lending and boost the economy.
The Labor Department said that initial jobless claims fell by 5,000 to a seasonally adjusted 457,000 last week. Although the drop was short of expectations, it was the third straight weekly slide. A four-week average of claims is up by 30,000 since the beginning of the year.
Initial claims have hovered around 450,000 in recent weeks, which Gayle called a "tipping point" between employers adding or cutting jobs.
Companies like 3M Co. got a boost from the Philadelphia Fed's report that manufacturing expanded in the Mid-Atlantic region for the seventh straight month in March. However, a drop in new orders signaled growth could slow.
The Conference Board's index of leading indicators rose 0.1 percent in February. That matched expectations but the increase in the gauge of future economic activity was the smallest in 11 months.
The concerns about Greece brought a reminder that the calm can be interrupted.
"That's why you're seeing a little bit of resistance," said Greg Merlino, president of Ameriway Financial Services. "Whenever we hear Greece, we get this knee-jerk reaction, is this the first domino to fall?"
Improved earnings reports gave the market some support.
FedEx Corp. said its fiscal third-quarter profit more than doubled. It also raised its full-year earnings forecast, which is now in line with analysts' expectations.
FedEx is considered a measure for the health of the overall economy because of the variety of products it ships. The stock rose $2.87, or 3.2 percent, to $92.67.
3M rose $1.49, or 1.8 percent, to $83.67.
Three stocks fell for every two that rose on the New York Stock Exchange, where consolidated volume fell to 4.3 billion shares from 5 billion Wednesday.
The Russell 2000 index of smaller companies fell 2.37, or 0.4 percent, to 681.61.
Overseas, Britain's FTSE 100 fell less than 0.1 percent, Germany's DAX index dropped 0.2 percent, and France's CAC-40 fell 0.5 percent. Japan's Nikkei stock average fell 1 percent.
The Dow Jones industrial average rose for an eighth straight day, its longest unbroken climb since August. The Dow gained 46 points while broader indexes were little changed.
Reports indicated that inflation remains in check and manufacturing is growing. The government said, however, that first-time claims for unemployment benefits only inched lower.
The Labor Department said its Consumer Price Index was unchanged in February and that initial jobless claims fell last week. Meanwhile, the Philadelphia Federal Reserve said manufacturing in its region increased this month. The Conference Board, a private research group, said its index of leading indicators rose at a slow pace last month.
"The market has been grinding higher on what has been benignly positive news," said Alan Gayle, senior investment strategist for RidgeWorth Investments. "There is a growing sense the economy is plodding along in the right direction."
Renewed concern about economic troubles in Greece kept the gains in check. The country said it might turn to the International Monetary Fund for support if European leaders can't agree to a bailout plan next week.
Stocks have been in a steady climb for about five weeks as economic reports signal the economy is seeing modest improvement.
The Dow rose 45.50, or 0.4 percent, to 10,779.17. That marks the highest close since Oct. 1, 2008. The Dow last rose for eight straight days in the period ended Aug. 27.
The broader Standard & Poor's 500 index slipped 0.38, or less than 0.1 percent, to 1,165.83, while the Nasdaq composite index rose 2.19, or 0.1 percent, to 2,391.28.
Bond prices fell and yields rose following the economic reports. The yield on the benchmark 10-year Treasury note rose to 3.68 percent from 3.64 percent late Wednesday.
The dollar rose against other major currencies. Gold rose.
Crude oil fell 73 cents to settle at $82.20 per barrel on the New York Mercantile Exchange.
The Labor Department's Consumer Price Index was flat. Excluding volatile energy and food prices, it rose 0.1 percent. Economists polled by Thomson Reuters forecast an increase of 0.1 percent in both measures of inflation. On Wednesday, the government said that wholesale prices barely rose in February.
The Federal Reserve repeated this week that it expects inflation to remain low. That would allow the central bank to keep interest rates low to help revive lending and boost the economy.
The Labor Department said that initial jobless claims fell by 5,000 to a seasonally adjusted 457,000 last week. Although the drop was short of expectations, it was the third straight weekly slide. A four-week average of claims is up by 30,000 since the beginning of the year.
Initial claims have hovered around 450,000 in recent weeks, which Gayle called a "tipping point" between employers adding or cutting jobs.
Companies like 3M Co. got a boost from the Philadelphia Fed's report that manufacturing expanded in the Mid-Atlantic region for the seventh straight month in March. However, a drop in new orders signaled growth could slow.
The Conference Board's index of leading indicators rose 0.1 percent in February. That matched expectations but the increase in the gauge of future economic activity was the smallest in 11 months.
The concerns about Greece brought a reminder that the calm can be interrupted.
"That's why you're seeing a little bit of resistance," said Greg Merlino, president of Ameriway Financial Services. "Whenever we hear Greece, we get this knee-jerk reaction, is this the first domino to fall?"
Improved earnings reports gave the market some support.
FedEx Corp. said its fiscal third-quarter profit more than doubled. It also raised its full-year earnings forecast, which is now in line with analysts' expectations.
FedEx is considered a measure for the health of the overall economy because of the variety of products it ships. The stock rose $2.87, or 3.2 percent, to $92.67.
3M rose $1.49, or 1.8 percent, to $83.67.
Three stocks fell for every two that rose on the New York Stock Exchange, where consolidated volume fell to 4.3 billion shares from 5 billion Wednesday.
The Russell 2000 index of smaller companies fell 2.37, or 0.4 percent, to 681.61.
Overseas, Britain's FTSE 100 fell less than 0.1 percent, Germany's DAX index dropped 0.2 percent, and France's CAC-40 fell 0.5 percent. Japan's Nikkei stock average fell 1 percent.
Thursday, March 11, 2010
Ten Ways to Land More Financial Aid
When most high school students start looking at colleges, they think about what the college offers in terms of academics and extracurriculars. But when the financial aid packages from schools come in the mail this spring, the final decision will likely be made with dollars and cents in mind.
"A good financial aid package is as important as the major, course of study and geographic location," says Bob Friedman, the university director of student finance at Yeshiva University in New York. "It comes at the end of the search, and it's absolutely a top concern."
Though financial aid officers have some latitude in how much they can offer students, don't expect that securing a better aid package will be as easy as snaring a deal on a vacation or flat-screen TV, says Marty Carney, DeLand, Fla.-based Stetson University's director of financial aid.
"Don't come in with the expectation that financial aid offices are in the business of negotiating like used-car salesmen," he says. "In many cases, schools don't negotiate financial aid awards."
That said, it never hurts to ask. To get the best possible aid package from your dream school, follow these tips.
1. Make colleges compete. If you're a fantastic student and have plenty of offers, you may have a better shot of getting an improved financial aid package at your top school, Carney says.
"Some schools have a policy to match other school's financial aid award offers," he says.
In a letter, explain why you consider this school to be your first choice, and that you'd come "if the school could make it financially feasible for you," Carney says. Include the competing institution's financial aid offer.
_____________________________________
Need Help Investing? More Stories from Bankrate.com:
How to Plan for Retirement
Asset Allocation Explainer
How to Tell if Your Retirement Plans are on Track
_____________________________________
2. Ask for a reassessment. FAFSA, the Free Application for Federal Student Aid, is the document that determines a student's eligibility for federal financial aid, and in many cases, the additional awards offered by schools themselves. Financial aid for students is calculated from "base year" data. For example, for the 2009-2010 academic year, the base year is the 2008 calendar year.
Financial aid is calculated with the assumption that the income and assets will remain stable, but in this economy, that's often not the case. If your family's financial circumstances have changed, it's wise to ask for a reassessment, Yeshiva's Friedman says.
"If somebody lost a job, or if your assets are worth 75 percent what they were worth before, (financial aid officers) need to know that," he says. "If you can document it, these are things that a school can take into consideration."
Other changes that may have an effect on financial aid include the death of a parent, divorce and high medical expenses.
3. Explain money issues outside of FAFSA. FAFSA puts students and parents under the financial aid microscope to determine how much they can truly pay for college. Still, the endless forms don't capture every detail or always represent the true picture of a family's finances, says Marc Hill, a financial planner and founder of ReduceMyCollegeCosts.com.
"Maybe the parents have a grandparent that they're supporting in some fashion, such as a nursing home," he says. "That's not captured on the FAFSA. But if you can document that to the financial aid officer, (she) may be able to change the numbers to better reflect your ability to pay."
Because financial aid officers have some latitude to account for special circumstances, you may net additional aid based on the nuances of your situation.
"A good financial aid package is as important as the major, course of study and geographic location," says Bob Friedman, the university director of student finance at Yeshiva University in New York. "It comes at the end of the search, and it's absolutely a top concern."
Though financial aid officers have some latitude in how much they can offer students, don't expect that securing a better aid package will be as easy as snaring a deal on a vacation or flat-screen TV, says Marty Carney, DeLand, Fla.-based Stetson University's director of financial aid.
"Don't come in with the expectation that financial aid offices are in the business of negotiating like used-car salesmen," he says. "In many cases, schools don't negotiate financial aid awards."
That said, it never hurts to ask. To get the best possible aid package from your dream school, follow these tips.
1. Make colleges compete. If you're a fantastic student and have plenty of offers, you may have a better shot of getting an improved financial aid package at your top school, Carney says.
"Some schools have a policy to match other school's financial aid award offers," he says.
In a letter, explain why you consider this school to be your first choice, and that you'd come "if the school could make it financially feasible for you," Carney says. Include the competing institution's financial aid offer.
_____________________________________
Need Help Investing? More Stories from Bankrate.com:
How to Plan for Retirement
Asset Allocation Explainer
How to Tell if Your Retirement Plans are on Track
_____________________________________
2. Ask for a reassessment. FAFSA, the Free Application for Federal Student Aid, is the document that determines a student's eligibility for federal financial aid, and in many cases, the additional awards offered by schools themselves. Financial aid for students is calculated from "base year" data. For example, for the 2009-2010 academic year, the base year is the 2008 calendar year.
Financial aid is calculated with the assumption that the income and assets will remain stable, but in this economy, that's often not the case. If your family's financial circumstances have changed, it's wise to ask for a reassessment, Yeshiva's Friedman says.
"If somebody lost a job, or if your assets are worth 75 percent what they were worth before, (financial aid officers) need to know that," he says. "If you can document it, these are things that a school can take into consideration."
Other changes that may have an effect on financial aid include the death of a parent, divorce and high medical expenses.
3. Explain money issues outside of FAFSA. FAFSA puts students and parents under the financial aid microscope to determine how much they can truly pay for college. Still, the endless forms don't capture every detail or always represent the true picture of a family's finances, says Marc Hill, a financial planner and founder of ReduceMyCollegeCosts.com.
"Maybe the parents have a grandparent that they're supporting in some fashion, such as a nursing home," he says. "That's not captured on the FAFSA. But if you can document that to the financial aid officer, (she) may be able to change the numbers to better reflect your ability to pay."
Because financial aid officers have some latitude to account for special circumstances, you may net additional aid based on the nuances of your situation.
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