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Wealth of Geeks The 2023 TIAA Institute-GFLEC Personal Finance Index reports that 25% of working adults have reduced their retirement savings this year due to the rising cost of living. Most people’s wages have not increased at the same rate as inflation. Paying today’s bills precedes retirement savings if that’s the only option. During rising prices, cutting back on retirement savings might have unintended consequences. First, if you save less, you’ll have less in retirement. Second, because of inflation, reduced retirement savings will have a more significant impact. ...

Biden, Democrats raised $72 million-plus for his 2024 race

WASHINGTON (AP) — President Joe Biden and the Democratic National Committee raised more than $72 million for his reelection in the 10 weeks since he announced his 2024 candidacy, his campaign announced Friday, in a strong but not record performance by an incumbent. That is all the money raised between April 25, when Biden made his announcement, and the end of June, and includes donations to his campaign and to a network of joint fundraising arrangements with the national and state parties. By comparison, President Barack Obama raised $85.6 million during the April-to-June quarter in ...

Robinson has raised $2.2M for North Carolina governor’s race

RALEIGH, N.C. (AP) — Republican Lt. Gov. Mark Robinson’s campaign has raised a substantial amount so far this year in his bid for governor in 2024. But he’s behind Democratic candidate and current Attorney General Josh Stein in the early search for electoral dollars. Campaign finance reports for the first six months of the year are due July 28 to state elections officials. Announced candidates this week provided previews of their fundraising. A Robinson campaign email said that it would report raising $2.2 million during the first half of the year and holding $3.2 million in ...

Wall Street’s raucous week winds down with a mixed performance

NEW YORK (AP) — Another winning week for Wall Street is drifting toward a quiet close on Friday following profit reports from several big U.S. companies that topped expectations. The S&P 500 was 0.2% lower in late trading, coming off its highest close since April 2022. The Dow Jones Industrial Average was up 105 points, or 0.3%, at 34,500 with less than an hour remaining in trading, and the Nasdaq composite was 0.4% lower. Insurance giant UnitedHealth Group rallied 7.6% after it said profit growth during the spring was better than feared. It also raised the bottom end of its ...

Biden making $20 billion available from ‘green bank’ for clean energy projects

WASHINGTON (AP) — The Biden administration is making available $20 billion from a federal “green bank” for clean energy projects such as residential heat pumps, electric vehicle charging stations and community cooling centers. Two programs, worth $14 billion and $6 billion, respectively, will offer competitive grants to nonprofits and other groups to invest in clean energy projects, with a focus on disadvantaged communities, the White House says. Vice President Kamala Harris, Environmental Protection Agency Administrator Michael Regan and other officials will announce the grant ...

Energy sector left behind as Wall Street exits bear market

NEW YORK (AP) — Falling crude oil prices and lingering worries about the global economy have been sapping power from energy stocks throughout 2023. The sector, which includes oil and oilfield exploration companies, is coming off of two years or rising oil prices and inflation. Now the S&P 500 has broken free from the bear market, but the energy sector is among the biggest laggards with a 7.4% dip. “Given that energy is one of the most cyclical sectors in the market, ongoing fears of a slowdown both here and abroad are likely weighing on the price of oil and energy stocks,” ...