Tech giants spark Wall Street selloff on weak earnings
Stocks fell as Microsoft Intel and Apple reported tepid second quarter results. Nasdaq dropped to 4055.63 while Dow and S&P 500 also declined. Apple beat estimates by a penny but fell, Microsoft sales stagnated, and Intel barely topped expectations, despite Citigroup’s strong profit rise.
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U.S
Changes to IRA and 401(k) limits in pension reform bill
The House approved a pension reform bill boosting IRA and 401(k) contribution limits with a 52.2 billion dollar ten year cost. Highlights include higher IRA limits, easier asset rollovers after job changes, simplified rules to spur employer pension plans, and a raise in deductions for stock bonus and profit sharing from 15 to 20 percent.
House approves raise on IRA and 401(k) limits
The House passed a bill increasing IRA contributions from 2000 to 5000 and 401(k) contributions from 10500 to 15000, with catch-up boosts for those over 50. The measure aims to raise private savings, despite President Clinton saying it helps low-income Americans inadequately. The bill, advancing to the Senate, would cost about 52.2 billion over 10 years and includes pension-rule tweaks to help employers offer plans and allow portable retirement coverage.
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