Money Markets
Stocks fell in lifeless trading today as did most other markets. Everything is now trading in its range.
In the news today……
Money Markets – the Federal government is stopping its guaranteeing of money market accounts that it started one year ago in the midst of the financial crisis. It was put into place to assure people that they would not lose their money market accounts. You can now lose them. How do you protect them? Move the money to an FDIC guaranteed bank account. Just wanted you all to know this new decision by the government as it can affect your health.
Here are the last numbers for today (about 40 min before closing):
Dow Jones 30 Industrial – 9778 (down 41 points)
10 Year Treasury Bond – 3.49% (up 0.01%)
Euro – $1.4712
Gold – $1003 (down $9)
Oil – $69.71 (down $2.33)
Gasoline – $1.75 (down $0.08)
Upon checking with the FDIC they assured me that regular Money Market accounts are still and will continue to be insured up to $250. It is the Money Market Mutual Funds accounts that will no longer be insured.
Tom, if you have information that hasn’t reached their offices yet, would you be so kind as to tell me where you got your information.
Love your daily financial updates,
Rowena