Money Minute: Giving Up Facebook for Lent? Boomer Rock Stars in Demand

×

It's not just chocolate, meat and alcohol any longer.

A growing number of people are giving up technology or entertainment for Lent this year. In fact, nearly half of the Protestants surveyed by Barna Group who are giving up something for Lent say it will be technology. That includes abstaining from social networks, smartphones and video games during the 40 days leading up to Easter. If enough people follow through on this, it could hurt Facebook (FB), Twitter (TWTR), Netflix (NFLX) and others.

Iconic rock bands of the 1960s and '70s sold the highest priced concert tickets last year. TiqIQ says tickets to see the Rolling Stones, The Eagles and Fleetwood Mac ranged from $240 to as high as $624. They were followed by newer artists such as Justin Timberlake and One Direction.
But the concert schedule for this year includes fewer golden oldies -- even though Bruce Springsteen will be on tour. The website 24/7 Wall St. says contemporary artists such as Jason Aldean, Bruno Mars and Katy Perry are dominating this year's list.

The House this week takes up the long-simmering issue of taxing Internet purchases, but there's little expectation that any legislation will make its way through Congress this year. The Senate did pass a bill, but it has almost no chance in the House. Now the Republican-controlled House takes a crack at it. The big issues are: states want to raise revenue from online sales; can they do that without slowing down the growth of e-commerce; and big national chains with brick-and-mortar stores say they're at a big disadvantage because the law makes them collect taxes while some Internet-only sites don't have to.

Here on Wall Street Monday, the Dow Jones industrial average (^DJI) fell 34 points Monday, while the Nasdaq composite (^IXIC) and the Standard & Poor's 500 index (^GPSC) edged just slightly lower.

Finally, the severe winter weather forced the nation's four largest airlines to cancel 74,500 flights in January and February. That's significantly more than usual.

-Produced by Drew Trachtenberg.


Increase your money and finance knowledge from home

Behavioral Finance

Why do investors make the decisions that they do?

View Course »

What is Short Selling?

Make a profit when stocks prices fall.

View Course »

Add a Comment

*0 / 3000 Character Maximum

Comments

Filter by:
phylliskunz

Facebook has obviously given me up for Lent for no apparent reason. And I don't get
it.

March 11 2014 at 1:48 PM Report abuse +2 rate up rate down Reply
bobsadmassistco

I did not realize that my Protestant sisters and brothers in faith follow that (what I thought was) usually Catholic Lenten practice as well. I guess one can learn something every day. Peace to all!

March 11 2014 at 11:21 AM Report abuse +2 rate up rate down Reply