High Percentage of people struggling in retirement

The percentage of Americans at risk of having lower living standards through retirement has grown to 51% up 7% from 44% last measured in 2007. This is as a result of investors becoming disengaged wih retirement planning. Less than 25% of people interviewed say they would seek advice before making investment decisions and 60% agree [...]

Market Summary

DOW closes -119.48 (-1.21%)
NASDAQ closes -56.48 (-2.67%)
S&P closes -20.78 (-1.95%)

Market Update

US markets are lower today. The DJIA is off 0.79%, while the S&P 500 is down 1.42% and NASDAQ is lower by 2.11%.

Mortgage

US Mortgage Applications Drop 12.3% last week.

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Invesco Pays $1.5 Billion for Morgan Stanley Unit

Morgan Stanley agreed on Monday to sell its mutual fund business to Invesco for $1.5 billion, as the Wall Street bank restructures its money-losing asset management division. Under the deal for the retail asset management business, which includes mutual fund subsidiary Van Kampen Investments, Morgan Stanley will get $500 million in cash and a 9.4 [...]

Economic Calandar for 10/20/09

7:45 ICSC Retail Sales
8:30 PPI
8:30 Housing Starts
8:55 Redbook Chain Store Sales
9:30 Hearing: State of the Housing Market
10:00 Results: $75B, 28-Day TAF Auction
2:00 PM Markup: Consumer Financial Protection Act
5:00 PM ABC Consumer Confidence Index
7:00 PM Romer: State of the Economy
8:00 PM Plosser: Monetary Policy in a Tough Environment

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