The S & P 500 and the Dow Jones Industrial Average rose to fresh records Monday as investors awaited the next batch of key corporate earnings.
The broad market index climbed 0.77% to 5,859.85, while the 30-stock Dow advanced 201.36 points to 43,065.22. Both averages hit all-time highs and closed at records, with the Dow ending the session above the 43,000 mark for the first time. The Nasdaq Index added 0.87%, closing at 18,502.69.
As the Dow closes above 43k Financials lead
Last Friday, strong earnings from JPMorgan and Wells Fargo helped send the S&P 500 and Dow industrials to new highs. This week Goldman Sacs sees a 45% jump in equity trading revenue. Charles Schwab Corp. climbed in early New York trading after the firm reported earnings per share that topped analyst estimates and said it cut some of its expensive debt.
Dow Closes Above 43k
Data in the week ahead
Social Security Announces 2.5 percent Benefit Increase for 2025
Social Security benefits and Supplemental Security Income (SSI) payments for more than 72.5 million Americans will increase 2.5 percent in 2025, the Social Security Administration announced today. On average, Social Security retirement benefits will increase by about $50 per month starting in January.
Over the last decade the COLA increase has averaged about 2.6 percent. The COLA was 3.2 percent in 2024.
Nearly 68 million Social Security beneficiaries will see a 2.5 percent cost-of-living adjustment (COLA) beginning in January 2025. Increased payments to nearly 7.5 million people receiving SSI will begin on December 31, 2024. (Note: Some people receive both Social Security benefits and SSI).
“Social Security benefits and SSI payments will increase in 2025, helping tens of millions of people keep up with expenses even as inflation has started to cool,” said Martin O'Malley, Commissioner of Social Security.
Some other adjustments that take effect in January of each year are based on the increase in average wages. Based on that increase, the maximum amount of earnings subject to the Social Security tax (taxable maximum) is slated to increase to $176,100 from $168,600.
Social Security begins notifying people about their new benefit amount by mail starting in early December.
Free Consultation
Take the next step, schedule a free consultation and learn how we can help you.
Asset and Cash Management Solutions
Comments