U.S. stocks declined, with the Standard & Poor’s 500 Index falling from a record, as valuations reached an almost four-year high and forecasts at companies from Caterpillar Inc. to Broadcom Corp. disappointed investors.
Global stocks dropped from a five- year high, with shares in Europe halting the longest rally in 40 months, as oil and copper tumbled after China’s money-market rates jumped. The yen and Treasuries rose and the dollar rebounded from an almost two-year low versus the euro.
In the wake of the financial crisis, parents, educators and even students have argued for more financial literacy courses in schools. Problem is, many studies show that financial education doesn't make a difference because people don’t change their behavior – even if they know better. David Laibson, an economics professor at Harvard University, says understanding this anomaly could help us take charge of our financial lives.