Jun 23, 2014|
Automatically Generated Transcript (may not be 100% accurate)
Chills -- jury is with us this Monday morning CBS news senior business analyst and host of Jill on money. Saturday's four until six here and WBM Jill good morning good morning -- stock market keeps just chugging along setting records it's at 16100947. And we're close to that 171000. Mark. Yes every broadcasters getting back graphic of -- 70000. Ready right and and so I know it's it's kind of like exciting to reach these milestones. -- I also want to point out that we've gone a long time before it was. Since we had a pull back you know a really long time if you look at the normal correction -- 10% from like the recent high -- I usually occurs may be every year and a half percent. It's been almost three years since we've seen the S&P 500 -- -- down by more than 10% so I think that's starting to get people little bit nervous. That said. There's no real reason for people to sell stocks right now they feel like the Federal Reserve is kind of encouraging investors to buy stocks and not hold bonds. Is that really me in those -- 171002. The average person doesn't in the economy getting any better. I think that's a great question because I think sometimes people confuse the economy and the stock market because. Obviously over the last five years. The stock market is more than doubled and it doesn't feel like the economy's doing all that well so what happened it -- meant that the economy improves slowly. Companies kept their payrolls really skinny. And they returned all of their profit its profits not to workers but to shareholders and that means your 401K feels happier that you may not have the job you want nor might you be. Making as much money -- you'd like. Just remember that. This process of the recovery. The fruits of the recovery have gone much more to shareholders that two workers what's going on right now with housing prices. Well it's been interesting. Last year was just a sizzling here we -- prices up over 13% -- every year. And many economists said we should expect that for this year but slowed down quite a bit both an activity as well as pricing. And we're hoping that the second half of the year that the housing market picks up this week we're going to get new and existing home sales numbers were also going to get price numbers tomorrow. I think it would it's going to start to show is that some areas are gonna -- slow and steady pick up. But those hot markets you know the bay area's airports is that they're going crazy where people are literally saying. I can't get to an open house fast enough to make a bit and that just feels a little bit weird you know it just so soon after that housing -- even here in buffalo and houses are going above the asking price yeah and you know what it is it what's interesting is we're a little bit back to feel real statement for its location location location right. As part of buffalo they're probably like what others are bidding war. Other parts not so much. That's a sign of a healthier market. But what is not good it is that first time home buyers are really scared of the marketplace they don't have that big a down payment it's still hard to qualify for a loan. And by the way people who were doing move ups. -- little bit concerned that they're gonna spent too much money buying a new home so soon after the disaster struck -- years ago -- speaking of business have you ever visited software -- and then watched the auctions -- I have been to both Sotheby's and Christie's for an auction which is an absolute blast yeah. -- -- -- -- Well Susan and I were wondering if you might drop by this week Ralph Wilson who owned the Buffalo Bills also home to paintings by -- today. And a couple of -- -- noted pending and we were wondering if you might you know drop a bit for a. You know I would love to be later on your -- I'll hold up that -- -- look very you know kind of cool all dressed in black and I might get worse unless -- I've worked Brooklyn Bridge a couple of years but I can happen. But I will say the -- my god it's quite a collection them. I I interests it does seem weird they're going you should know one other thing about the art market has been on fire this year. And it is going up so quickly that art dealers say that they can't understand why the baiting has got some body. The media has to do with you -- in China people beating up for a lot of stuff where Asian but seeing huge gains in the last years. So -- -- That for the Wilson asks for. A great. Thanks to have a good week daycare you to -- lessons CBS news senior business.