Money Minute: McDonald's Workers Get Paid; Will Markets Cheer Yellen - Again?

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This could be Janet Yellen day on Wall Street.

The Federal Reserve wraps up a two-day policy meeting Wednesday and Yellen will hold her first news conference as Fed Chair at 2:30 Eastern time. She's not expected to change course from the policies of her predecessor, Ben Bernanke. But investors will pay close attention to what she says and how she says it. Yellen has already sparked a pair of rallies with her testimony before congressional committees last month.

Here on Wall Street Tuesday, the Dow Jones industrial average (^DJI) gained another 89 points, the Nasdaq composite (^IXIC) rose 53 and the Standard & Poor's 500 index (^GPSC) added 13 points.

Many baby boomers have the time and the money to travel. Now, AARP, has a new travel website to help the 50-and-older crowd plan their trips. Unlike other travel sites,
AARP's Trip Finder will help you decide where to go by having you answer a series of five questions. Government figures show that over 50 travelers spend upwards of $120 billion a year.

More than 1,600 low-wage workers at McDonald's (MCD) restaurants in Manhattan will share in a $500,000 settlement. The New York state Attorney General, Eric Schneiderman, has cut a deal with the owner of seven McDonald's franchises to compensate workers who weren't paid for all of the hours they worked. Employees in California and Michigan also filed suit recently to get back-wages.

Most of those were making minimum wage or just above it. But check this out: college interns at top paying tech companies are earning an average of $4,600 a month. Prorated for a full year, that's more than $55,000, about $2,000 above the median family income in the U.S. According to a survey by Glassdoor, the top paying company is Palantir, a software company that does work for the military and intelligence community. Also in the top 10: Twitter (TWTR), Facebook (FB), Google (GOOG) and Apple (AAPL).

-Produced by Drew Trachtenberg.


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8 Comments

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spike

How much do the lawyers get,half,two thirds?

March 19 2014 at 3:20 PM Report abuse +2 rate up rate down Reply
hollemantom

Mcdonalds is a greedy joke of a company...

March 19 2014 at 2:59 PM Report abuse +1 rate up rate down Reply
David Scott

each person will get a whopping $209 bucks after attorneys fees...

March 19 2014 at 1:41 PM Report abuse +1 rate up rate down Reply
teedee911

"More than 1,600 low-wage workers at McDonald's (MCD) restaurants in Manhattan will share in a $500,000 settlement"

Wow, enough to take the family out for a happy meal, cool.

March 19 2014 at 12:54 PM Report abuse +3 rate up rate down Reply
tmlbtb

Yellen might be doing the Banks a favor by keeping rates down, but, the banks have raised ours. Is she working for Wallstreet?

March 19 2014 at 12:52 PM Report abuse rate up rate down Reply
rankincap

Comparing a highly educated technology internship to a non skilled McDonald job, comparing apples to apples. Education , drive, and energy is what this country needs more of, not high school dropouts that resent having to work..

March 19 2014 at 11:42 AM Report abuse +1 rate up rate down Reply
1 reply to rankincap's comment
syntheticlubeguy

I work with the "entitlement crowd" every day; come into work mere seconds before the time clock changes, text on the job, leave early on a continual basis and complain about having to work FIVE days in a row! Paychecks come out and they are stunned that theirs is so miniscule as compared to the regular working stiffs. Gee, ya think??????????

March 19 2014 at 12:50 PM Report abuse +5 rate up rate down Reply
Larry

What this author is disconnected about is the reality that minimum wage people are unlikely to upgrade their skills for techie jobs. There are some people who just want others to work on their behalf; not themselves.

March 19 2014 at 11:40 AM Report abuse rate up rate down Reply
gdurdeniii

These are $55,000 intern wages paid by the military-industrial complex with tax dollars. What are the other sectors of industry paying for interns? You need to separate the businesses with cost plus contracts from the fixed price ones.

March 19 2014 at 11:38 AM Report abuse +1 rate up rate down Reply
1 reply to gdurdeniii's comment
Terry

Everyone I talk to that has interns and the interns themselves state "internship is a work for free in exchange for OTJ training and experience." Depending on the field of internship, it usually is for a period of a year and then the intern actually starts getting paid, but it is on average of an entry level pay scale. What is up with our gov't? I want to be an intern!

March 19 2014 at 4:45 PM Report abuse -1 rate up rate down Reply
abudotcom

Easy money......

March 19 2014 at 9:54 AM Report abuse -2 rate up rate down Reply