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Taxpayers must pay the freight for over-budget train projects
Topic - Russ Koesterich
The stock market put in a stellar performance in 2013, with major indexes soaring to all-time highs and posting gains of nearly 30 percent — the best since the 1990s. Investors are betting that a detente in Washington's fiscal wars will allow the U.S. economy to pick up some steam in 2014.
The Dow Jones industrial average on Tuesday surged convincingly past its previous record and landed at an all-time high of 14,253.77, fueled by record corporate profits and the loose money policies of global central banks.
U.S. corporations are brimming with cash and reporting record levels of profits, but many workers haven't received solid raises in years. Some have had to take on the workloads of laid-off colleagues, but have not received additional pay. The jobs that are open often provide smaller paychecks than the ones Americans lost during the 2007-09 recession.
It was the tax cut that nobody noticed when Congress enacted it a year ago. Now the question is, can anyone live without it?
Wall Street stocks staged a convincing comeback after weeks of turmoil Tuesday, with the Dow Jones industrial average first plumbing new lows near 10,500 before surging to end up 430 points in a lightning-fast rebound in the closing 45 minutes of trading.
"China avoided a hard landing; except for a short-lived scare over Cyprus, Europe managed a year without a crisis; the Middle East continued to simmer, but failed to erupt; and while Washington provided its usual drama, politicians did not do any lasting damage," he said.
Even the year's unexpected developments proved to be beneficial, he said.