More households own stock than ever before – It’s a distinctive characteristic of American capitalism, differentiating us from other major advanced nations, according to Axios Markets’ Matt Phillips. The Federal Reserve’s triennial Survey of Consumer Finances for 2022 revealed that approximately 58% of American households held stocks, whether directly or indirectly through investment accounts, surpassing the previous peak of 53% during the dot-com era and prior to the Global Financial Crisis. Notably, the surge in direct ownership of individual shares, rising from 15% to 21% between 2019 and 2022, played a pivotal role, attributed partly to changes in American behavior influenced by the COVID-19 pandemic, with many turning to the stock market as an alternative to sports gambling. This shift was further propelled by user-friendly smartphone apps like Robinhood, making retail stock trading a prominent cultural phenomenon, exemplified by the GameStop frenzy in January 2021. (Axios)
Notable:
The Las Vegas Aces win two WNBA Championship in a row – WNBA Finals MVP A’ja Wilson expressed her satisfaction in silencing critics as her Las Vegas Aces secured their second consecutive championship victory by narrowly defeating the New York Liberty 70-69 in Game 4 held at the Barclays Center in Brooklyn. Wilson’s exceptional performance of 24 points and 16 rebounds was instrumental in the Aces’ comeback from a 12-point deficit against New York in a thrilling matchup of “superteams,” as reported by Reuters. Addressing reporters, Wilson emphasized the significance of this win, stating, “To be up here – this one was special because so many people counted us out. A lot of people counted us out… a lot of people in here said Liberty in five. We read it, we see it and it fueled us. So thank you! That says a lot about us. We came ready to play.” (WNBA)
Catalytic converter theft is up 1,215% since 2019, says the National Insurance Crime Bureau. Thieves target them for pricey metals. To protect your car: Park securely, use lighting and cameras. Paint or engrave your converter. Get an alarm or anti-theft device from your mechanic. (NBA)
Today in History:
1958 – Brenda Lee records “Rockin’ Around The Christmas Tree.” It fails to chart but later rises to #14 in 1960, becoming a Christmas standard.
1961 – The Beatles and Gerry And The Pacemakers combine into one band called The Beatmakers for a show in Liverpool.
1964 – The Beach Boys release the live album “Beach Boys Concert,” which tops the Billboard chart.
1966 – The Yardbirds start their first US tour with Jeff Beck and Jimmy Page on lead guitars.
1967 – Jose Feliciano records his version of “Light My Fire.”
1957 – Motown Records releases “I Second That Emotion” by Smokey Robinson And The Miracles.
1968 – Cass Elliot’s first solo album “Dream A Little Dream” is released.
1968- Peter Frampton meets Steve Marriott, leading to the formation of Humble Pie.
1974 – Billy Preston tops the US singles chart with “Nothing From Nothing.”
1974 – Bachman-Turner Overdrive has the #1 album in the US with “Not Fragile.”
1977 – Judy Collins appears on The Muppet Show, performing “Send in the Clowns.”
2005 – Prudential announces that the average person spends about $25,000 dollars on music in their lifetime.
2006 – Rod Stewart‘s CD “Still the Same…Great Rock Classics of Our Time” tops the Billboard Hot 200 album chart.
Today’s Birthdays:
1944 – George McCrae (age 79) (“Rock Your Baby”)
1945 – Jeannie C. Riley (age 78) (“Harper Valley P.T.A.”)
1946 – Keith Reid – lyricist for Procol Harum (“A Whiter Shade Of Pale”) (d. 2023)
1947 – Wilbert Hart – vocalist for The Delfonics (“La La Means I Love You”) (d. 1997)
1956 – Nino DeFranco (age 68) – vocalist for The DeFranco Family (“Heartbeat It’s A Lovebeat”)
