During the first two years of the economic recovery, the rich got richer, while the lower 93% of Americans saw their mean household net worth fall 4% to $133,000. According to Pew, the wealthiest 7% saw their mean household net worth jump 28%, hitting more than three million dollars in 2011.
Researchers attribute the uneven recovery to the fact that affluent households own more stocks and other financial holdings that have been growing in worth. At the same time, the housing market, which is the biggest investment for many people in the lower 93%, has remained flat.
Christine Romans details the report results and discusses the impact a fake Associated Press tweet had on the market in today's Minding Your Business segment.
Christine Romans is minding your business with more good news on U.S. stock futures and markets. The Dow has been up for nine straight days, its best streak since 1996. "Remember that movie 'Fargo'?" Romans asks. "That was the last time you saw a winning streak like this."
Also, the And Samsung is expected to unveil the Galaxy S4 today. Samsung and Apple have been competing heavily over their share of this market, Romans reports. "This is really an interesting food fight for dominance in the smartphone world."
Christine Romans previews the release of the latest Apple quarterly earnings report.
The new iPhone 5 hits stores today and people are already lining up around the world. It goes on sale at 8am on the East Coast, but people have been lining up in Tokyo, Sydney and London to get the latest Apple phone.
Christine Romans has the details on the latest Apple creation. She also breaks down exactly how much it costs to make the iPhone 5, as well as the cash boon it is expected to reap for the tech giant.
Wednesday, Apple is expected to announce the latest edition to their iPhone line at 1 p.m. ET. The invitation sent out for today's media event in San Francisco, displays a large number 12 for the date and in the shadow area, the number 5.
Apple has released a new version of the iPhone every year since 2007, resulting in frenzy from consumers. CNN’s Dan Simon says the new iPhone “is expected to be the biggest selling Smartphone of all time, shattering previous records set by Apple.”
- CNN’s Dan Simon reports.
Christine Romans on the incredible growth of Apple stock and it's current designation as the most valuable company ever.
Business Insider's Jay Yarow on how Apple's announced changes at the WWDC on its mobile devices is being viewed as sending a strong message to Google.
Dan Simon talks to folks in line for Apple's Developers Conference looking for a chance to partner with the tech giant.
"Siri," Apple's revolutionary voice-controlled iPhone app, is still in it's beta-testing phase, but it's already proven to be a game changer for smart phone technology.
Despite it's popularity, tech giant IBM has recently raised security and privacy issues over the app, choosing to ban "Siri" from its corporate networks. Christine Romans explains the decision on Early Start this morning.
Apple's tax policies have been under a microscope after a critical story in the New York Times over the weekend. It has been revealed that part of Apple’s tax strategy is running office operations in states with low corporate tax rates like Nevada and low-tax countries like Ireland. Christine Romans explains.