Finance
Healthcare Sector Offers Wall Street Some Holiday Cheer!
By Todd Genger
On Thursday, with the help of some activity in the healthcare sector, Wall Street managed to get some relief from the 3-day financial turbulence that preceded last Thursday’s trading.
With the Pfizer, Merck, and Johnson & Johnson leading the way up the charts, the stock market on Thursday displayed improving health. As a result, the U.S. stock market showed vital signs of life that can bode well for a late year rally.
Pfizer Inc. rose 1.4 percent to $21.32 with 19,981,600 shares traded. Johnson & Johnson rose 82 cents (1.3%) to $64 on approximately 9.5 million shares traded, shares todd genger. In recent weeks, Eli Lilly, Sanofi and Merck have also outperformed the broader market.
Along with the stability in the healthcare segment, economic reports showed a fall in new jobless claims and a solid increase in manufacturing in various regions of the U.S. Together the news jumpstarted Wall Street, leading experts predicted further growth in the market across other sectors in the coming days.
Todd Genger – What are 529 College Savings Plans?
By Todd Genger
Since 1978, the price of tuition at US colleges has increased over 900%! Families are growing increasingly worried about the rising cost of a college or university education, and with uncertain job prospects after graduation, parents and grandparents are wisely starting to save now to reduce the future debt burden on their children and grandchildren. Among the myriad of college savings options available, one of the most widely marketed savings options is the 529 plan – a tax-advantaged college savings plan available in each of the 50 states and the District of Columbia. There are two flavors of 529 plans: pre-paid tuition plans and college savings plans.
Some of the advantages of 529 college savings plans are: tax-deferred growth and tax-free withdrawals for qualified expenses; account owner controls access to funds; state income tax deductions in most states (e.g., NY); favorable estate and gift tax treatment; low impact on financial aid eligibility; high cumulative contribution limits; no restrictions on choice of college; flexible investment options and no expiration date, shares Todd Genger.
However, critics note the many disadvantages of 529 college savings plans. In particular, there is no lock on tuition rates; funds can only be used for qualified expenses; funds can only be used at qualified institutions; non-qualified withdrawals are taxed as ordinary income, plus a 10% tax penalty; there are generally no guarantees and the funds are subject to market risk; and depending on the state and product chosen, there may be high expenses and sales charges.
Todd Genger is an independent compliance consultant focusing his practice on broker-dealer and investment adviser compliance and market regulation matters. Todd Genger is a former attorney for one of the leading law firms in the world and a former Vice President at Goldman Sachs.
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