S&P Ratings cut China's sovereign debt rating one notch to A plus from AA minus, its first such action since 1999, saying a long period of borrowing has increased China's economic and financial risks. The move comes just weeks ahead of the Communist Party's October meeting, where the government is expected to project a message of stability despite the rise in lending across the economy. The SPDR S&P 500 ETF Trust (SPY) moved fractionally lower.
Getting your finances squared away is only one part of preparing for retirement — mental preparation is also crucial. So many Americans are not financially ready for retirement, but even when they do have the money for it, they may not be mentally prepared. Calling it quits after decades in the workforce jolts people from their routines, and causes them to lose their sense of self, studies show. Retiring too early, because of a disability, caring for a loved one, or a layoff, can cause depression and sickness, and even death, for some, while others might find pressure placed on their relationships and daily routines. There are retirees who can’t let work go at all — one in five workers had a
Bank of America Merrill Lynch thinks the hottest area of the global stock market has much higher to climb. Perhaps surprisingly, it's not the S&P 500, even though the benchmark US index has shown some serious strength, climbing 12% this year. Based on comparisons to past bull-market stretches, the group has historically risen roughly 230% during expansion periods that last 42 months on average, according to BAML data.