Market Watch: Stocks fade as rich get richer

The Tuesday trading day was highlighted by the end of a 3 day winning streak for the Dow and a continued stock slide by IBM. Perennially one of the most respected and successful corporations in the world IBM’s stock plunged to almost a five-year low after the company cut its profit forecast, stressing the difficulty of trying to reinvent itself as leader in cloud computing and data analytics. The shares plummeted 5.5 percent. Earlier in the day IBM stock fell to $140.50, its lowest intra-day price since late October 2010. Meantime, a new report by the Social Security Administration shows that the richest Americans are getting richer. Some 134 Americans took in more than $50 million last year, and the number of Americans making between $20 million and $50 million also jumped, hitting 776 in 2014.  Watch CNBC’s report below.

Here are the final numbers from Tuesday, 10/20/15 on Wall Street:

Dow Jones Industrial Average: 17, 217.11 (-13.43/ -0.08%)

NASDAQ: 4,880.97 (-24.50/ -0.50%)

S&P 500: 2,030.77 (-2.89/ -0.14%)

Phil Cannella

Phil Cannella

As a partner with CBS Radio in Philadelphia, Phil Cannella reports on the issues most important to the American retiree.
Phil Cannella
- 3 days ago
Phil Cannella
Phil Cannella
Phil Cannella

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