The Dow Jones industrial average reached a new record high Wednesday, landing above 20,000 points for the first time. This comes during the first week of Donald Trump's presidency as he begins to enact his policies. After the election, investors labeled the surge in stock prices the "Trump rally," as the markets anticipated that the new president would work to lower taxes and push more business-friendly policies through Congress. The Dow includes 30 large publicly traded companies, which is much smaller than other market measurements. The S&P 500 includes 500 different publicly traded companies, which also experienced a rise Wednesday.
Is Donald Trump's campaign in legal trouble?
1. Donald Trump's latest filing with the Federal Election Commission is a headline generator. For starters, the presumptive Republican presidential nominee has just $1.3 million cash on hand, a number dwarfed by Hillary Cilnton's $41 million war chest. However, it's the $6.1 million Trump spent paying his own enterprises — like rent at Trump Tower and fees for flying his private plane — that's raising quite a few eyebrows.
2. Legally, it's a mixed bag. Candidates are technically allowed to intermingle their businesses and political campaigns, provided that any service rendered is of "fair market value." With over 10 percent of Trump's May campaign expenses funneling to his own businesses, the question remains: Did Trump provide his business services at fair market value?
3. Do you think politicians should be able to profit from their own campaigns?
Your Thoughts?Weigh In.
Feeling down? Look on the bright side, at least you don't own stock in Twitter. Those who do may soon be losing money as the social media giant's stock price fell below $26, the company's stock value during its 2013 IPO. Twitter's stock has been free falling as of late, thanks to dismal earning reports and a prolonged search for a new CEO after Dick Costolo, the company's CEO of five years, was ousted in June. While Twitter still boasts over 300 million users, its stagnent growth and waning relativity has Wall Street clipping the wings of everyone's favorite little blue bird. #IPuhoh
China devalued its currency this week, and in terms of the global financial market, it's nothing to yuan about. With the devaluation, the Chinese central bank hopes to ignite its sluggish economy as a weak currency makes Chinese goods more attractive (read: cheaper) in the global marketplace. As soon as the devaluation was announced, financial pundits worried about a "currency war" breaking out as competing currencies (like the Australian dollar) would lower their value to remain competitive. For American consumers, this is great news as a cheaper Chinese currency means lower prices on Chinese imported goods (think clothes, electronics). But it's not so great for companies like Apple, whose producets are now more expensive to the Chinese consumer, which will ultimately lead to lower sales. Yuan some, you lose some, right?
Don’t be so afraid to check your account balance tomorrow morning, especially if you’re a Citibank customer. That’s because the bank is refunding $700 million in bogus credit charges after a lengthy investigation by the Consumer Financial Protection Bureau. The report claims that Citibank used “deceptive marketing” strategies to rope customers into credit monitoring plans with inflated benefits and misrepresented fees. Tisk tisk. Outside of refunds, the bank will also pay a $35 million penalty, a slap on the wrist in the banking world, and a mere percentage of the $150 BILLION banks forked over in penalties and fines since 2007.
In 2020, your wallet will look a little different as the Treasury has announced that just a century after winning the right to vote, a woman will finally grace the front of the $10 bill. No word yet on exactly who will share the spotlight with current $10 occupier Alexander Hamilton, but a recent social media poll showed abolitionist Harriet Tubman, former First Lady Eleanor Roosevelt and civil rights activist Rosa Parks as frontrunners. Current Treasury Secretary Jacob J. Lew will reveal his choice by the end of the year.