Good article below about shopping on Wednesday's for certain items. After reading this today strap on your sneakers tomorrow and get out there to get the best deals!
The financial headlines for today are:
1) Stocks fall after Ireland downgrade erases gains-From the AP
Hope that the Federal Reserve might consider more economic stimulus wasn't enough to keep bad news about Ireland from sinking stocks.
Ireland's government bonds were downgraded by ratings agency Moody's to junk status shortly before U.S. markets closed Tuesday, sending stocks sharply lower and erasing the day's gains. Ireland joins Greece and Portugal, whose debt was also recently graded as junk.
The move puts Ireland back on the list of heavily-indebted European countries in danger of default. The country has already received a financial rescue package from other countries. If a European country fails to pay its debts, it could cause widespread disruptions in financial markets and lead to a slowdown in lending.
Worries about debt problems in Europe sent stocks down through the first half of June and appear to be having the same effect in July.
The Standard & Poor's 500 index fell 5.85, or 0.4 percent, to close at 1,313.64. The S&P is now down 0.5 percent for the month and 2.2 percent for the week. The Dow Jones industrial average fell 58.88, or 0.5 percent, to close at 12,446.88. The Nasdaq composite fell 20.71, or 0.7 percent, to close at 2,781. Both the Dow and Nasdaq are still up about 0.3 percent for the month.
Earlier Tuesday, minutes from the Federal Reserve's last meeting on June 21-22 were released. In those minutes, several Fed officials said that the government would have to consider new monetary policy to stimulate the economy, especially if growth remains too slow to reduce the unemployment rate.
2) Italy Fears Jolt Markets- From the Wall Street Journal
Italy, long a bystander to the euro-zone's debt woes, was thrust into the maelstrom Monday, as investors fled the country's bonds and Europe's leaders struggled to keep the crisis from infecting the Continent's third-largest economy.
Fears over Italy's solvency and political stability were compounded by market frustration that Europe's leaders haven't yet come up with a solution to Greece's deepening debt problems: The gap between the yields on Italy's 10-year sovereign bonds and safer German Bunds jumped by more than 100 basis points, or a whole percentage point, to a record high of 285.6, compared to a week ago.
Stocks across Europe tumbled. In the U.S., investors paid more attention to the worsening situation in Europe after having largely shrugged it off in recent weeks. The Dow Jones Industrial Average lost 151.44 points, or 1.2%, to 12505.76. Markets in Asia fell Tuesday morning, with the Nikkei average down 1.4%.
Trying to stem the panic, embattled Italian Prime Minister Silvio Berlusconi has promised to avoid the political dithering that so often thwarts Italian policy-making, and speedily get through parliament a package of austerity measures unveiled two weeks ago, aimed at balancing Italy's budget by 2014.
The cuts "will be approved in just a few days as the government has a solid majority," Labor and Social Policies Minister Maurizio Sacconi said in an emailed response to questions on Monday evening. In the past, such budget measures have taken months to be approved.
Earlier in the day Italy's main opposition politicians said they wouldn't stand in the way of the austerity push. German Chancellor Angela Merkel also weighed in, saying she was confident the package would be approved, allowing Italy to "send a signal that it feels committed to consolidation and fighting debt."
3) Best Day of the Week to Shop-From Financially Fit
Sometimes, saving money is all in the timing, and Wednesday is the day for discounts on everyday items.
Here's a rundown of four items that usually reach their best prices on Hump Day.
Gas: Industry experts say Wednesday is the best day of the week to buy gas — especially early in the morning. You could save about five cents per gallon. Prices tend to drop by a few cents per gallon at many stations before rising again on Thursday and on through the weekend when there are more drivers on the road.
Groceries: Wednesday is also a great day to shop for groceries, as this is when about half of the country's supermarkets kick off their weekly sales, according to experts at MyGroceryDeals.com. The sales last for at least a few days, but if you want to get there before the shelves get wiped out, arrive on Wednesday.
Online Clothing Deals: Web deals on women's clothes are all the rage on Wednesday. Researchers at Shop It To Me, a free online personal shopper, did a study to prove it. According to their data of more than 340,000 women's items marked down between June 1, 2010 and June 1, 2011, the average discount on women's and kids' clothing is about 40 percent on Wednesdays — the steepest all week.
Airline Tickets: Pricing wars among competing airlines usually start on Fridays for various fares, but by Wednesday, prices have reached their absolute lowest. More specifically, 1 a.m. on Wednesday is reportedly the best time to strike. According to the book, The Travel Detective by Peter Greenberg, at around midnight, airlines usually reload their computers with the most recent low-cost fares that were announced the previous day. But you have to act fast—the deals usually expire after 24 hours.
Quote of the Day from Dave Ramsey.com:
Nothing great will ever be achieved without great men, and men are great only if they are determined to be so. — Charles de Gaulle
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