A large number of people let the money in their 401(k) plans languish after they lose their jobs — or simply choose to cash out their retirement accounts once they're terminated — according to a new report released by The Charles Schwab Corp.
Specifically, 43% of the 401(k) assets belonging to participants who were terminated from their jobs in the first quarter of 2008 are still sitting in their former employers' plans, according to data from the San Francisco-based company.
One Step Forward After Two Steps Back
Stocks rallied into the close, after initial gains generated by positive global equities were taken back at 14:00 EDT by the release of the Fed’s minutes from the March rate meeting. “The news was that things are getting no better, and that the printing press would remain on until such time that whoever is hording dollars puts them to good use” said TheLFB-Forex.com Trade Team. “Now, that may lead to an awful lot of dollar bills and notes hitting the street, but the Fed showed today that their economic outlook is such that drastic measures are going to be needed to create liquidity that filters through to Average Joe without creating too much of a bubble that could burst all over again in five years time” they said. Wall Street closed in the green, going 6 for 8 in positive session finishes, which in the current environment is a solid signal that 800 on the S&P is well protected.
UK Moves To Support Large Banks
U.S. Dollar Trading (USD) remained relatively unchanged against the majors with the market searching for direction. USD/JPY moves are creating a distortion in the market with risk aversion as a theme failing to impact as it once did. Weak/Strong US stocks are thus impacting the direction of EUR/USD and GBP/USD much less than usual with EUR/JPY and GBP/JPY failing to respond. Economic data overnight was weak with January Core Durable Goods Orders falling -5.2% vs. -2.5% forecast. Weekly Jobless also increased to 639K vs. 620k previously. Crude Oil closed up $2.72 ending the New York session at $45.22 per barrel. In US share markets, the Nasdaq was down -33 points or -2.38% whilst the Dow Jones fell -88 points or -1.22%. Looking ahead, Q4 GDP is forecast to be revised to -5.4% vs. -3.8%.
