Category Archives: Internet

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MARKET WEEK: JULY 30, 2018

THE MARKETS (AS OF MARKET CLOSE JULY 27, 2018)

Tech stocks and small caps took a hit last week as both the Nasdaq and Russell 2000 lost value. The large caps of both the S&P 500 and the Dow closed in positive territory following a turbulent week of trading. Of note last week was the descent in value taken by a major social media company, which lost over $120 billion in market value. Even with the loss, the company’s value remains one of the highest in the world. Trade tensions between the United States and the European Union were eased somewhat last week as negotiations between the economic giants are ongoing. Conversely, relations between China and the United States remain icy. Long-term Treasury prices fell last week, sending yields higher as reports intimated that more restrictive monetary policies of some major central banks are in the offing.

The price of crude oil (WTI) fell again last week, closing at $69.00 per barrel, down from the prior week’s closing price of $70.31 per barrel. The price of gold (COMEX) advanced slightly last week, closing at $1,232.60 by early Friday evening, up from the prior week’s price of $1,231.30. The national average retail regular gasoline price climbed to $2.831 per gallon on July 23, 2018, $0.034 lower than the prior week’s price but $0.519 higher than a year ago.

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HOW TO AVOID GETTING HIT BY ESTIMATED-TAX PENALTIES

Instead of dreaming about how the new tax package will affect them next year, millions of taxpayers might want to focus on a more immediate issue: How to avoid getting hit needlessly by estimated-tax penalties for 2017.

If you’re confused by the rules, you have plenty of company. The latest Internal Revenue Service statistics show a surprisingly large increase in the number of taxpayers ensnared by these penalties. While the rules can be tricky, most people who haven’t paid enough taxes during the year can avoid trouble by doing some basic homework. That includes focusing on how to sail into what tax professionals refer to as “safe harbors,” says Eric L. Green, a lawyer at Green & Sklarz LLC in New Haven, Conn.

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The No. 1 financial fear among rich people should have you seriously concerned; Even the most affluent investors are worried about having enough saved for retirement

Even the richest Americans are worried about having enough for retirement.  51% of affluent investors — defined as those who have total investable assets of $500,000 or more — say they are concerned about being financially secure in retirement.

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