Dow 26,000, World Bank, 529 Plans
January 17, 2018
Dow stock index crosses 26,000. Move from 25,000 to 26,000 took just 7 trading days. It was the fastest 1000-point gain in stock market history.
World Bank believes global economy is operating at its full potential. A possible tipping point at which inflation picks-up as demand outstrips supply.
529 Plans expand after recent tax overhaul. A 529 is an account funded with after-tax dollars that grow tax-free if used for education expenses. More than half of the states allow for some state income tax reduction for 529 contributions. This reduction of state tax is especially helpful now that state income taxes may no longer be deductible on federal tax returns. Traditionally, 529 plans could be used for college expenses only, but they have been expanded to allow up to $10,000 per year, per student for private school for grades K-12.