Market Wrap-Up for Oct.28 (AEM, V, MMM, ALL, AVP, CME, more)
Recently I was reading about a study by Michigan law professor John Pottow, pointing out the growing number of retirees filing for bankruptcy. As of two years ago retirees accounted for 7% of all bankruptcy filings with the numbers likely to be trending higher as the new data comes out.
The biggest blame appears to be on poor spending habits, particularly with credit cards. Living beyond one's means as you get older is a dangerous game. The same discipline one would apply to making smart investments needs to resonate when it comes to one's personal finance lifestyle. We have seen some great returns from high-quality dividend-paying stocks, but nothing in life is automatic, so one needs to examine how their spending levels are situated. You don't want to have to tap into your income investments because of reckless money habits.
Looking at today's market, the early pop brought more sellers out, causing the markets to churn for the most part. Lots of earnings were out today, with Wall Street liking results from CME Group ( CME ), Agnico-Eagle Mines ( AEM ), and Ameriprise Financial ( AMP ). On the flip side, other names didn't fare so well including Visa ( V ), Avon Products ( AVP ) (recent takeover rumors have seemed to fizzle), 3M ( MMM ), and Allstate ( ALL ). Gold prices bounced back some today as the yellow metal continues to be under the retail investor's microscope on a daily basis.
Don't forget to check out new Investing Videos section as well as a couple of video links below to see our latest work. As always, check out our industry-leading Best Dividend Stocks list for the top dividend names to put money into right now. Thanks for reading, and I'll see you tomorrow!