Business News

The dollar gets stronger

During yesterday’s emotional market sell-off the S&P 500 lost all their 2015 gains. The Nasdaq is still up about 2.5% on the year. The euro is under more pressure trading at 12-year lows at under $1.06. (CNBC)

Final results of the Federal Reserve’s annual stress tests are expected to be released after the market closes. Major banks such as JPMorgan, Wells Fargo, Citigroup, and Bank of America are expecting to win Fed approval to increase dividends and buy back more shares. (WSJ-subscription)

A sharp jump in mortgage rates last Friday took its toll on home lending, leaving mostly high-end home buyers on the playing field. Total mortgage application volume fell 1.3% last week. Mortgage applications to purchase a home are two percent higher than a year ago. (CNBC)

So you know you have a problem, now what do you do about it? Investors feel they need an average of $2.5 million in retirement to maintain their lifestyles, That's about $2.2 million more than the average retirement account balance. On average investors spend an hour and 20 minutes worrying about money each day. That's 475 hours, or nearly 20 full days, of financial hand-wringing a year. (CNBC/Legg Mason)

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