Rob Ferrett and Veronica Rueckert disuss the Dow ending above 16,000 for first time, celebrate Food Friday with pie recipes, and ask the question, “why invest locally?”
Featured in this Show
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Journalist: Dow Jones Record Doesn't Mean Economy Is Recovered
The Dow Jones Industrial Average closed on Thursday just above 16,000 for the first time ever amid optimism around the U.S. Senate Banking Committee’s approval of Janet Yellen nomination for Federal Reserve chair and unexpected positive jobs reports — both of which helped boost the markets to a record high.
Although the news is positive for Wall Street, it doesn’t greatly affect the broader populous, according to Roben Farzad, a writer who covers Wall Street for Bloomberg Businessweek. He said significant unemployment and low spending doesn’t match with some of the big gains in the stock market.
“The stock market has had far bigger gains at the same time that unemployment has been chronically high and the economy has been growing rather tepidly coming out of an economic crisis of this size, you’d expect a bigger a bigger bounce back,” he said.
Farzad, who started his career at the investment bank of Goldman Sachs, said the economy still has much recovery ahead.
“Wall Street (may have) reconstituted itself, housing is back in certain markets, but this is very much a story of how the other half lives,” he said.
He said that the Dow is only one market indicator of the recovery, and one that should be considered in isolation.
“If you go out and seek out economic pain indicators … there are people out there who have experience. There are kids out of college who have degrees that can’t get jobs. You have record number of 22-year-olds living with their parents,” he said.
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Dow Ends Above 16,000 For First Time
The Dow Jones Industrial Average futures closed yesterday for the first time above 16000, growing for the seventh straight week in a row and achieving the 40th record-high close of the year. We speak with a Bloomberg Business writer see if this will be a continuing trend.
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Food Friday: Perfect Pies For Thanksgiving
Need a knockout dessert for your Thanksgiving celebration? A pie-baking champion has some tips to nail that perfect pie (and make you envy of your family).
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Investing Local
According to our guest, going local is more than a do-good philosophy, it’s become a movement and a money-maker.
Episode Credits
- Rob Ferrett Host
- Veronica Rueckert Host
- KP Whaley Producer
- Chris Malina Producer
- Roben Farzad Guest
- Michele Stuart Guest
- Amy Cortese Guest
- Veronica Rueckert Interviewer
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