The Dow Jones industrial average closed at session lows, off nearly 531 points and in correction territory for the first time since 2011 as all blue chips declined. The last time the index closed more than 500 points lower was on Aug. 10, 2011. In the last five years, the index has only had four instances with closing losses of more than 400 points.
“For investors the momentum and the drive of the market is now lower (than) it used to be because there’s no place to hide,” said Lance Roberts, general partner at STA Wealth Management. “Every time we hit the major technical points we kept selling.”
A trader noted that investors stopped looking at technicals and were plowing through them.
“It’s an expiration day and it looks like they’re to have for sale on the close maybe as much as a billion dollars,” said Art Cashin, director of floor trading for UBS.
The Nasdaq Composite lost 3.5 percent, also closing in correction territory and joining the other major averages in negative territory for the year.
“Right now there is a feeling of fear in the marketplace and all news is interpreted negatively and it’s interpreted indiscriminately,” said Tom Digenan, head of U.S. equities as UBS Global Asset Management…(read more)
The combined wealth of the world’s billionaires increased by 12 percent to $7.3 trillion, higher than the combined market capitalization of all the companies that make up the Dow Jones Industrial Average
“The fastest growing segment of the billionaire population, in terms of wealth source, are those who inherited only part of their fortunes and became billionaires through their own entrepreneurial endeavors.”
A new survey shows that 155 new billionaires were minted this year, pushing the total population to a record 2,325 – a 7 percent increase from 2013.
Credit goes to the United States – home to the most billionaires globally – where 57 new billionaires were recorded this year, according to the Wealth-X and UBS Billionaire Census 2014 released on Wednesday.
Asia and Latin America and the Caribbean were also large contributors, with 52 and 42 new entrants, respectively.
“The fastest growing segment of the billionaire population, in terms of wealth source, are those who inherited only part of their fortunes and became billionaires through their own entrepreneurial endeavors,” the report said, noting that 63 percent of all billionaires’ primary companies are privately held. Read the rest of this entry »
Over the past year in China, the ultra-rich didn’t get richer–they got poorer and shrank in number, even as the ranks of the ultra-rich and their assets swelled in other parts of the world.
The number of China’s ultra-rich–those with a net worth of $30 million or more–slipped from 11,245 to 10,675 as the country’s economic growth slowed to its lowest pace in more than a decade, according to a new report from private-wealth consulting firm Wealth-X and UBS AG. Their total wealth also declined, falling to $1.52 trillion this year from $1.58 trillion last year. Read the rest of this entry »