Retail split widens as rich splurge and others pinch
Wealthy shoppers resume luxury buying with full-price items at Saks Fifth Avenue and Nordstrom, including $5000 Hermes bags and $700 Jimmy Choo shoes, while Target and Walmart focus on necessities. BJ's reports higher burger and chicken purchases as meat and dairy costs rise, signaling an uneven rebound with the bottom fifth spending most on food and gas and the top fifth spending far less. The earnings show gas and food price hikes eroding spending power for many, prompting retailers to adjust assortments and discount strategies.
MENTIONED IN THIS ARTICLE
New York
Saks Fifth Avenue
Nordstrom
Hermes
Target
Walmart
Bj’s Wholesale Corp
Faith Hope Console
Prudential
Douglas Elliman
J.C. Penney
Wal-Mart
Lowe’s Cos
USDA
Citi Investment Research
U.S
Gregg Steinhafel
Used car prices surge as supply tightens
It is described as the best time in years to sell cars as buyers hold onto vehicles longer. Supply is tight with few used cars on the market, driving prices to 16 year highs. Dealers pay about $11,660 per unit, up nearly 30 percent since December 2008, with analysts noting the unusual market dynamics.
MENTIONED IN THIS ARTICLE
Jonathan Banks
National Automobile Dealers Association
David Whiston
Markets mixed as Dow gains 80 points on midweek trading
Wednesday market snapshot shows Dow Jones up 80.60 to 12,560.18 while Nasdaq rises 31.79 to 2,815.00 and the S&P 500 adds 1170. The 30 year Treasury yields 4.29 percent at 0.06. Grain futures advance with corn up 22 cents to 7.42, soybeans 26 cents to 13.67, and wheat 43.50 cents to 9.38. Oil climbs to 100.10 with NYMEX price at 319 cents.
MENTIONED IN THIS ARTICLE
S&p
Chicago
Kansas City
New York
Budget talks eye student loans and pensions cuts in debt plan
Washington officials say White House and lawmakers discuss reducing subsidies for student loans, farm payments, and federal workers pensions to unlock higher debt limit funding. Talks led by Vice President Biden probe modest initial savings while aiming for larger adjustments, with focus broader than military or already trimmed programs.
MENTIONED IN THIS ARTICLE
Washington
White House
Joe Biden
Jon Kyl
Rariz
Blair House
Barack Obama
John Boehner
Rohio
Treasury
Tim Geithner
Congress
House
National Commission On Fiscal Responsibility and Reform
Obama
Erskine Bowles
Alan Simpson
Bipartisan
Policy Center
Gingrich faces rocky start in presidential bid
Newt Gingrich's first week as a GOP presidential candidate is marked by missteps. He derided the House GOP Medicare plan as right wing social engineering and faced backlash. He defended parts of the Democrats' health care law and stalled on a $500,000 debt to Tiffany's. Tea Party backers call the missteps damaging yet advisers say he remains on course. Kongress allies express confidence the early trouble will pass as he pursues Iowa New Hampshire and South Carolina contests.
MENTIONED IN THIS ARTICLE
Atlanta
Newt Gingrich
Tiffany’s
Barack Obama
Debbie Dooley
Duluth
Gingrich
Tfhe
Bly
Katen Dawson
South Carolina
GOP
Dawson
House
Iowa
New Hampshire
Nag
Ging
White House
Rick Tyler
America
Scott Rials
Jack Kingston
R-Ga
Also Mentioned on This Page
Retail Report
Anne D'Innocenzio
Associated Press
Saks
Stephen Sadove
Wal-Mart Stores Inc
Wal- Mart
Craig R. Johnson
Fifth Avenue
San Francisco
Saks Inc
Dow Industrials
O' Ciui
Oklahoma
Massachusetts
Robert Brogden
Olathe
GMC
Sierra
LourRitso
rebertBrogden.com
SantarFe
Buick
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