Investors prepared for the Federal Reserve commentary by getting right to buying out of the gate this morning. With no moves to interest rates as expected, the market continued higher following the announcement, only to get another boost as news stories were breaking that key U.S. financial institutions are likely to pass the Fed’s latest bank stress tests. Traders have been waiting and hoping for the markets to spike through Dow 13K and Nasdaq 3K and today’s news was certainly the catalyst.
Looking at some of the movers, Wall Street upgrades helped play a role, lifting shares of Whole Foods (WFM) (read more) and Eaton Corp (ETN) (more info here). Financials acted real well, led by Citigroup (C), Goldman Sachs (GS), and JP Morgan (JPM) – which announced a dividend hike and share buyback before the close. Elsewhere, other winners included Wynn Resorts (WYNN) and Stanley Black & Decker (SWK). Meanwhile, a Wall Street downgrade did keep shares of CVS Caremark (CVS) (read more here) from participating in the big rally.
This time of the year brings sports fans and specifically college basketball fans together for a taste of “March Madness.” The nation’s top college basketball teams will take part in the NCAA tournament Final 64 (plus 4 extra teams that have to win a “bonus” game to take part).
While 30 teams receive automatic bids to the tournament by winning their conferences, the remaining schools are voted on by a special committee. Each year, sports writers come up with list of teams that are considered “on the bubble.” These schools range teams that have great records but play in subpar conferences, to teams that have mediocre records but face much tougher competition throughout the year.
Each year, at least one good team is “snubbed” from the tournament, failing to receive enough votes to qualify. This year’s snub is Philadelphia’s Drexel University, which lost its conference title game but still finished with a stellar 27-6 record. It’s a tough break for the team and the university, but without winning the conference title, they left enough doubt on the table to be excluded from the tournament.
In our constant pursuit of investing success, we will occasionally run into similar circumstances that will set us back. The pain at the time will make us feel like we want to give up, but we should never let failures discourage us. Instead, let’s use our shortcomings as motivating factors to succeed in the future.
When we were in the early stages of building Dividend.com, for example, we encountered many roadblocks along the way. People told us that dividend investing was too “boring” to build a business on. Still, we persevered. We believed in our abilities and in our message of building long-term income streams. We knew it would simply be a matter of time before we’d be recognized for the work we were putting out there.
Our loyal Dividend.com readers recognize our commitment to achieving positive investing results and the goal of building wealth over time. Most things that are sustainable aren’t built overnight — they take time to develop. Keep this thought in your mind wherever you are in your personal, professional, or investing life.Income, Income, Income
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