Investors largely expected the FOMC to cut rates by a quarter point.The Fedread more
This is a comparison of Wednesday's FOMC statement with the one issued on July 31 after the Fed's previous policymaking meeting.The Fedread more
Ahead of the Fed's 2 p.m. announcement, many economists were forecasting one further cut in 2019, but some investors were hoping for two more this year.The Fedread more
The interest on excess reserves now stands at 1.8%, a 30 basis point cut compared to the 25 basis point reduction for the benchmark funds rate.The Fedread more
Stocks traded lower on Wednesday as traders digested the Federal Reserve's latest decision on U.S. monetary policy.US Marketsread more
For consumers, lower rates do mean cheaper loans, which can impact your mortgage, home equity loan, credit card, student loan tab and car payment. n the flip side, you'll earn...Personal Financeread more
Gold edged lower on Wednesday but held about the key $1,500 per ounce level after the U.S. Federal Reserve decided to cut interest rates.Futures & Commoditiesread more
As the Federal Reserve lowers rates, some banks are pulling back their offerings on their savings accounts and certificates of deposit. Even so, they are still pretty good by...Personal Financeread more
Activists with Black Lives Matter, who met privately with Buttigieg in the weeks after police shot and killed Eric Logan, say the 37-year-old mayor brushed off their concerns...2020 Electionsread more
The report, published by Rep. Carolyn Maloney, used data from the Giffords Law Center to Prevent Gun Violence and the Centers for Disease Control to estimate the cost of gun...Politicsread more
Russia slammed Trump's decision to tighten sanctions on Iran following strikes at a crude-processing plant and oil field in Saudi Arabia.Politicsread more
Jeff Bezos' wealth has been on a wild roller-coaster ride over the past 24 hours.
Thursday morning, the Amazon CEO became the richest man in the world when Amazon's stock soared on earnings expectations. By noon, when Amazon stock topped $1,082 per share, Bezos' wealth soared past $92 billion, putting him past Bill Gates.
But after disappointing earnings, Amazon stock plunged — and so did Bezos' net worth. Amazon stock opened at $1,011 and kept falling. His fortune fell by more than $6 billion from its peak on Thursday in recent trading. Bezos owns slightly more than 16 percent of Amazon.
Of course, we shouldn't shed a tear for Bezos. Even with the drop, his wealth has increased by more than $25 billion over the past year. And he is still the second-richest man in the world, ahead of Spanish retailing tycoon Amancio Ortega. Given that Bezos manages for the long term, it's likely he will regain the title of richest person again soon.
Bezos has been a billionaire for nearly 20 years, first making the Forbes list in 1998 with a net worth of $1.6 billion after Amazon's IPO. He chugged along for the following decade, reaching $4.4 billion in 2007, gradually rising to $18.4 billion by 2012, ranking him 26th on the list.
But over the past two years, as Amazon's stock has soared, so has Bezos' fortune. He owns 79.9 million shares. His net worth has grown by more than $65 billion over the past five years.
Yet the 24-hour ups and downs of Bezos' fortune show that today's paper wealth is just that — paper. What the market giveth, the market can also taketh away.