NEW YORK (AP) — For the second time in less than a month, the American stock market marched past another milepost on its long, turbulent journey back from the Great Recession, toppling another record left over from the days before government bailouts and failing investment banks.
The Standard & Poor’s 500 closed at a new high Thursday, three weeks after another popular market gauge, the Dow Jones industrial average, topped its own closing record.
The reaction on Wall Street was muted — more of a dull buzz than a victory cry. Investors warned clients not to get overly excited.
“Getting back to where we were is an important step,” said Howard Silverblatt, senior index analyst at S&P Dow Jones Indices. But he cautioned in a note to investors: “Markets are volatile, and if you are a long-term investor you should expect declines.”
The S&P rose 6.34 points to 1,569.19, a gain of 0.4 percent, beating its previous record of 1,565.15 set on Oct. 9, 2007.
Even well-off women fear fall into poverty
The Los Angeles Times
Despite making enormous strides professionally and financially, almost half of American women fear poverty, even many of those earning six-figure salaries, according to a new survey.
Six in 10 women describe themselves as the primary breadwinners in their households, and 54 percent manage the family finances, according to the poll by Allianz Life Insurance Co. of North America.
Even so, 49 percent fear becoming a “bag lady” — a homeless woman who carries her meager belongings in a shopping bag.
Even 27 percent of women earning more than $200,000 a year said they fear falling into such destitution.
Such concerns were most pronounced among single women (56 percent), divorcees (54 percent) and widows (47 percent). But even 43 percent of married women harbor such fears, according to the study.
Allianz polled more than 2,200 women ages 25 to 75 with minimum household income of $30,000 a year.
The study points up the conflicting emotions of American women toward money, and the disconnect among some between their generally promising financial reality and their deep-seated financial fears.
Advisory firm against T-Mobile deal
NEW YORK (AP) — Investors bet Thursday that T-Mobile USA will have to sweeten its proposal to merge with smaller cellphone carrier MetroPCS Communications Inc. after an influential shareholder advisory firm came out against the deal.
Under the deal, T-Mobile USA’s parent company, Deutsche Telekom AG of Germany, will hold a 74 percent stake in the combined company, while MetroPCS shareholders will own the remainder and receive a special dividend of $1.5 billion.
Institutional Shareholder Services recommended on Wednesday that shareholders vote against the deal when they meet on April 12, saying their share of the combined company is unfairly small, and MetroPCS would do fine as a standalone company.
Some large MetroPCS shareholders have opposed the deal for months. Analyst Kevin Smithen at Macquarie Capital said Thursday that the “no” recommendation from ISS clinches it.
“We now believe the deal will be voted down, absent modifications to current deal terms,” Smithen said.
In a rebuttal to ISS, MetroPCS said the deal offers “compelling benefits,” and another shareholder advisory firm, Egan Jones, supports it.
“We strongly believe that ISS’s report contains material flaws and reaches the wrong conclusion,” MetroPCS said.
Google will search for your groceries
SAN FRANCISCO (AP) — Internet search leader Google is taking another step beyond information retrieval into grocery delivery.
The new service, called Google Shopping Express, will initially provide same-day delivery of food and other products bought online by a small group of consumers in San Francisco and suburbs south of the city.
If the pilot program goes well, Google Inc. says it will expand delivery to other markets.
“We hope this will help users explore the benefits of a local, same-day delivery service, and help us kick the tires on the new service,” Google said.
The delivery service announced Thursday is part of Google’s effort to increase people’s reliance on the Internet so it will have more opportunities to show online ads, which generate most of its revenue.