S&P, Nasdaq Rise; Jobs Picture Brightens for Baby Boomers; U.S. Posts Largest Budget Surplus in Five Years
S&P, Nasdaq Rise (Reuters)
The S&P 500 and Nasdaq rose modestly earlier today following Thursday’s losses, as the indexes kept on track for a third straight week of gains. “Today it’s trying to get some stability from yesterday,” said Alan Lancz, president of Alan B. Lancz & Associates Inc., an investment advisory firm in Toledo, Ohio.
Jobs Picture Brightens for Baby Boomers (CNBC)
Baby Boomers and older Americans appear to be profiting the most from the economy, according to the latest monthly jobs report. The employment picture for full-time workers who are 55 years or older has climbed to 21 percent this year, up from 17 percent in early 2008. Boomers are holding onto their jobs longer, too. New York financial advisor Judith Rosenthal advises Baby Boomers to not stop working even in retirement: “For more flexibility, consider starting your own business or consulting firm.” Rosenthal says, “Start small, but think big.”
U.S. Posts Largest Budget Surplus in Five Years (Bloomberg)
The U.S. posted its largest budget surplus in five years in April, due in large part to stronger individual and corporate income-tax receipts. The surplus from last month’s tax payments increased to $112.9 billion, the biggest since April 2008. The recently strengthened economy is helping to decrease the fiscal deficit, which is over $1 trillion, by employers adding 1.4 million workers. “This receipts surge has bought the Treasury a lot of time to stay under the debt limit,” Mike Englund, chief economist at Action Economics LLC in Boulder, Colorado, said. “Without the pressure of the debt limit, players in Washington have little incentive to come to a debt deal.”