Bleak economy stats drive markets down

Orders for durable goods were down 1.7% last month, after a 5.1% drop in January, according to the Department of Commerce.
MAR 26, 2008
By  Bloomberg
Stock prices dipped after the release of two bleak reports on the state of the economy. Orders for durable goods were down 1.7% last month, after a 5.1% drop in January, according to the Department of Commerce. The drop ran contrary to Wall Street expectations of an 0.8% increase. The loss was led by transportation goods and machinery. Sales of new homes also declined last month. A commerce department report showed a 1.8% drop in the sale of single-family homes in February. Inventories of new homes also fell to 471,000 homes, the lowest figure in 13 years, down from 481,000 sales in January. In response to these gloomy reports set markets tumbling in morning trading.

Latest News

401(k) savings rate at new record high but balances are down slightly
401(k) savings rate at new record high but balances are down slightly

Quarterly analysis of retirement accounts highlights positive behavior.

JPMorgan mulls new asset lending scheme aimed at crypto ETF investors
JPMorgan mulls new asset lending scheme aimed at crypto ETF investors

Insiders say the Wall Street giant is looking to let clients count certain crypto holdings as collateral or, in some cases, assets in their overall net worth.

Fintech bytes: Future Capital adds RayJay alum to C-suite, Advyzon welcomes ex-Envestnet leader
Fintech bytes: Future Capital adds RayJay alum to C-suite, Advyzon welcomes ex-Envestnet leader

The two wealth tech firms are bolstering their leadership as they take differing paths towards growth and improved advisor services.

UBS 'wrongfully' fired Idaho advisor in 2021: FINRA panel
UBS 'wrongfully' fired Idaho advisor in 2021: FINRA panel

“We think this happened because of Anderson’s age and that he was possibly leaving,” said the advisor’s attorney.

Cetera Trust hires Fidelity vet Kerri Scharr for chief fiduciary officer role
Cetera Trust hires Fidelity vet Kerri Scharr for chief fiduciary officer role

The newly appointed leader will be responsible for overseeing fiduciary governance, regulatory compliance, and risk management at Cetera's trust services company.

SPONSORED Beyond the dashboard: Making wealth tech human

How intelliflo aims to solve advisors' top tech headaches—without sacrificing the personal touch clients crave

SPONSORED The evolution of private credit

From direct lending to asset-based finance to commercial real estate debt.