Why your favorite catalogs are smaller this holiday season
Wall Street experienced significant profit-taking in the final days of 2024, dragging major indexes down as investors navigated thin holiday trading volumes. The U.S. dollar, though modestly down on Friday, looked set for a robust 7% annual increase, reflecting optimism around potential growth-enhancing measures from the incoming Trump administration. Despite a strong start to the week, tech-heavy stocks like Tesla, Amazon, Microsoft, and Nvidia led declines as the S&P 500 fell 1.11%, the Nasdaq Composite dropped 1.49%, and the Dow Jones Industrial Average slipped by 0.77% on the day. Analysts pointed to pension fund reallocations as a possible cause of the sell-off amid low trading volumes. In the broader financial landscape, U.S. Treasury yields climbed, reflecting elevated rate expectations. Meanwhile, the yen remained under pressure, and gold prices dipped despite a stellar year. Looking ahead, markets will watch the pace of rate cuts and fiscal policy changes, particularly in the U.S., for cues on global economic trends. (With inputs from agencies.)Humble boomers horrified as study reveals how much Gen Z believe is a 'successful' salary READ MORE: One generation stands to gain most from $84tr wealth transfer By ALICE WRIGHT FOR DAILYMAIL.COM Published: 22:40, 22 November 2024 | Updated: 23:01, 22 November 2024 e-mail 10 View comments The average American considers a salary of just over $270,000 a year to be the benchmark for 'financially successful.' However, expectations of what constitutes being wealthy varies vastly from generation to generation. Boomers, those born before 1964, on the one hand think earning just under $100,000 makes an individual a financial success, according to a new study by Empower . At the other end of the scale Gen Z, those born between 1997 and 2012, claim that only those that earn $588,000 or more are well-off or 'successful.' 'The average Gen Z worker makes $45,000, these people have lost their minds,' investor John Pompliano wrote on X in response to the findings. 'I think this is the Instagram phenomena,' another user wrote on the platform. 'They see Fake people being Fake successful on Instagram and set their expectations up there as well,' he explained. However, some commentators were more generous with the younger generation. 'With inflation hitting hard, I can see why Gen Z would set such a high bar,' one wrote. 'They have inflation trauma,' another agreed. 'Americans believe success is about self-determination not a pre-determination, which is quite powerful,' Rebecca Rickert, head of communications at Empower said of the findings. Despite Gen Z's very ambitious targets for being 'financially successful,' 71 percent of respondents in that group said they expect to achieve that goal in their lifetime. Although many are unlikely to reach that earning potential, younger generations are set to inherit trillions of dollars in a great generational wealth transfer in the coming years. Baby Boomers are set to pass on $53 trillion to their children by 2045 in what experts have called the 'greatest wealth transfer in history.' Boomers appear to have a much more realistic expectation for 'financial success' Read More No 401(K)? New retirement plan could help millions save for later years Boomers are famed for benefiting from great social mobility when house prices were low and labor conditions strong. And now they are transferring their money to their less economically fortunate children. Adults expecting to inherit in the next decade estimate they will receive over $700,000 on average . Research from life insurer New York Life last year found that that around 15 percent of the 4,437 adults surveyed expect to receive some of this wealth in the next decade. However questions are being raised over whether the younger generations can handle the windfall. Of those who expect to inherit in the next ten years, only 21 percent of Millennials and 18 percent of Generation Z said they felt 'very comfortable' handling the funds. Suzanne Schmitt, head of financial wellness at New York Life, told Fortune at the time: 'Millennials, and now Gen Z, have grown up amidst global and financial turmoil. 'These two cohorts have witnessed economic changes in their formative years and may be more risk-averse when it comes to financial habits than their predecessors.' Consumer Finance Share or comment on this article: Humble boomers horrified as study reveals how much Gen Z believe is a 'successful' salary e-mail Add commentCasey’s concession comes more than two weeks after Election Day, as a grindingly slow ballot-counting process became a spectacle of hours-long election board meetings, social media outrage, lawsuits and accusations that some county officials were openly flouting the law. Republicans had been claiming that Democrats were trying to steal McCormick’s seat by counting “illegal votes.” Casey’s campaign had accused of Republicans of trying to block enough votes to prevent him from pulling ahead and winning. In a statement, Casey said he had just called McCormick to congratulate him. “As the first count of ballots is completed, Pennsylvanians can move forward with the knowledge that their voices were heard, whether their vote was the first to be counted or the last," Casey said. The Associated Press called the race for McCormick on Nov. 7, concluding that not enough ballots remained to be counted in areas Casey was winning for him to take the lead. As of Thursday, McCormick led by about 16,000 votes out of almost 7 million ballots counted. That was well within the 0.5% margin threshold to trigger an automatic statewide recount under Pennsylvania law. But no election official expected a recount to change more than a couple hundred votes or so, and Pennsylvania's highest court dealt him a blow when it refused entreaties to allow counties to count mail-in ballots that lacked a correct handwritten date on the return envelope. Republicans will have a 53-47 majority next year in the U.S. Senate. Follow Marc Levy at twitter.com/timelywriter
Clear Blue Technologies Announces Shares for Debt Settlement, Private Placement, and Proposed Share ConsolidationNEW YORK , Dec. 27, 2024 /PRNewswire/ -- Pomerantz LLP is investigating claims on behalf of investors of Codere Online Luxembourg, S.A. ("Codere" or the "Company") (NASDAQ: CDRO ). Such investors are advised to contact Danielle Peyton at [email protected] or 646-581-9980, ext. 7980. The investigation concerns whether Codere and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices. [Click here for information about joining the class action] On November 18, 2024 , Codere issued a press release announcing receipt of "a staff determination letter . . . , from the Listing Qualifications Department of The Nasdaq Stock Market LLC ('Nasdaq'), notifying the Company of the determination from the Nasdaq Staff (the 'Staff') to delist the Company's securities from The Nasdaq Stock Market, given the Company had not filed its Form 20-F for the year ended December 31, 2023 . . . in accordance with continued Listing Rule 5250(c)(1)[.]" On this news, Codere's stock price fell sharply during intraday trading on November 19, 2024 . Pomerantz LLP, with offices in New York , Chicago , Los Angeles , London , Paris , and Tel Aviv , is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz , known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud , breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomlaw.com . Attorney advertising. Prior results do not guarantee similar outcomes. CONTACT: Danielle Peyton Pomerantz LLP [email protected] 646-581-9980 ext. 7980 SOURCE Pomerantz LLP
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