401(k) balances reach new records in 2019 gains
Fidelity reports the average 401(k) balance rose 17 percent to $112,300 in 2019, while IRAs rose 17 percent to $115,400. The top 1 percent hold over $1 million, and the average savings rate reached a record 13.5 percent with auto enrollment and auto escalation helping growth. Among 10-year participants, the average balance hit a record $328,200.
MENTIONED IN THIS ARTICLE
Fidelity Investments
Fidelity
Katie Taylor
Taylor
Spring buyers face tight housing supply and rising prices
Americans seek homes in a tight market as low mortgage rates and strong demand collide with the leanest inventory in over a decade. Analysts forecast a 1.8% drop in existing home sales in 2020 while prices rise, with few listings under 200 000 dollars and regional shortages in places like San Jose Phoenix and San Diego.
MENTIONED IN THIS ARTICLE
Los Angeles
U.S
George Ratiu
Realtor.com
National Association of Realtors
NAR
Zillow
San Jose
California
Phoenix
San Diego
Minneapolis-St. Paul
San Antonio
Fannie Mae
Ratiu
McClatchy files for bankruptcy amid debt and pension concerns
McClatchy Co. filed Chapter 11 to restructure debt and shed pension obligations, with about 60 percent of debt to be eliminated. Hedge fund Chatham Asset Management would likely lead new privately held ownership. over 7 million shares would be canceled. The move preserves local news operations across 30 papers in 14 states while seeking a digital future with new financing.
MENTIONED IN THIS ARTICLE
McClatchy Co
America
McClatchy
Chatham Asset Management LLC
Kevin McClatchy
California
Kansas City Star
Miami Herald
Charlotte Observer
The
Fort Worth Star-Telegram
Sacramento Bee
Encina Business Credit
Congress
U.S. Bankruptcy Court
Southern District of New York
Tribune Co
Chicago Tribune
Spain cancels world mobile congress over health concerns
Barcelona event organizers insist the Mobile World Congress was canceled for health and safety reasons amid the COVID-19 outbreak in China, while the Spanish government disputes the motive. The show, slated for Feb 24 27, would have drawn 100000+ visitors from about 200 countries. Brussels EUR forecast warns of global spillovers from the outbreak. Tesla plans a $2 billion share sale led by Musk and Ellison to fund growth and strengthen its balance sheet.
MENTIONED IN THIS ARTICLE
Barcelona
Spain
China
Frankfurt
Germany
European Union
European Commission
Bloc
Commission
Detroit
Tesla
Elon Musk
Musk
Oracle
Larry Ellison
Palo Alto
California
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New York
Donald Trump
Salt Lake City
Rick Bowmer
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