Grace Fuller

The consumer staples sector was the worst performing on Wall Street yesterday after a profit warning from Wal-Mart heightened concerns that the year-long recession could hurt even those groups previously regarded as relatively immune.

Shares in the world’s biggest retailer were among the few to enjoy a double-digit increase last year, up 18 per cent as investors hoped the group could continue to find strong growth from costconscious consumers eking out cheaper alternatives. (more…)

Banks really, really, really want your money. And that’s good news for savers in an otherwise dismal interest-rate environment.

Overall, average yields for certificates of deposit and savings accounts haven’t dropped nearly as much as other interest rates, particularly the federal funds rate, which the Federal Reserve slashed from 2% in October to 0.25% in December.

By contrast, the average rate on a one-year certificate dropped a little more than half a percentage point, to 1.92%, in the same period, according to Bankrate.com. Savers who shop around a bit can find several banks offering rates over 3% on both one-year CDs and on high-yield savings accounts. (more…)