Consumer Minute: Your 401K takes a big hit and Facebook turns 10

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by Sandra Parker, 13News Now

WVEC.com

Posted on February 4, 2014 at 11:02 AM

Updated Tuesday, Feb 4 at 11:26 AM

Not a good start to the day as overseas markets got hammered overnight, following the Dow's biggest one day drop in eight months.  The Dow tumbled 362 points. That's down more than seven percent since the start of the year.  The Wall Street plunge is taking a toll on your retirement savings.  The average 401K is down nearly six percent this year.  So for the typical nest egg that means about a $6,000 loss in just the last month.

The government says almost 22 million cars and trucks were recalled by automakers last year.  That's the most since 2004. It seems with more companies using common parts recalls tend to be larger when something goes wrong.

Facebook is celebrating ten years since the site went live from Mark Zuckerberg's Harvard dorm as a way to connect students.  The social networking site has more than 1.2 billion users worldwide and is used by 57 percent of adults, but the company is facing the challenge of a waning teen audience.  Facebook is taking steps like buying Instagram for $1 billion to hang on to its younger users.

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