The recession from 1973 to 1975 also led to a falloff for the Dow, which dropped 45% from its 1,051 peak in 1973 to just under 600 in 1974 (about 7,486 and 3,871 points, respectively, inflation-adjusted). Many records were set in 2019, thanks partly to trade talks with China that boosted firms in the index. The following are some milestones achieved by the Dow Jones Industrial Average. In parentheses, when helpful, we provide the Dow’s points as inflation-adjusted to Feb. 23, 2024, for a relative comparison to its record highs.

Useful links about stock markets and commodity markets:

Then, in the last few months of 2023, investors began piling back in Best cfd trading platform as hopes grew that interest rates would soon be cut and a nasty recession averted. By the end of 2023, the previous high, registered in January 2022, had been surpassed, and the 37,000 mark had been breached. The company posted fourth-quarter adjusted earnings per share (EPS) of $3.84, with operating revenue up 6% year-over-year to $45.0 billion. The S&P 500 gained 0.5% to set a record closing high of 6,118.71 points, the first time it’s finished at a record level since Dec. 6. The Dow Jones Industrial Average and Nasdaq Composite added 0.9% and 0.2%, respectively, putting them each less than 1% away from new closing highs. The major indexes finished near their highs for the day thanks to a late-session surge.

1982 Recession

The S&P 500 index and Nasdaq have similarly peaked at record highs this year as technology stocks like Nvidia have swelled—though Nvidia is not a Dow Jones component. On September 15, 2008, a wider financial crisis became evident after the Bankruptcy of Lehman Brothers along with the economic effect of record high oil prices which had reached almost $150 per barrel two months earlier. Conversely, an encouraging drop in inflation reported earlier this week helped to fuel this latest rally. Consumer prices rose 3.4% from last April – a decline from March’s 3.5% annual increase. The CME FedWatch Tool shows investors still expect the Federal Reserve to cut interest rates twice by the end of the year. Share repurchases among the S&P 500 companies were 59% higher in the first quarter of 2014 than the first quarter in 2013.

Record Highs Set in 2019

Trump asked Saudi Arabia and OPEC to lower oil prices, saying it would enable lower interest rates, referring to the Federal Reserve’s high interest rates meant to subdue inflation. NuScale Power (SMR) shares also jumped nearly 14% Thursday, adding 32% this week. Meanwhile, Vistra (VST) shares climbed close to 3% Thursday https://www.forex-world.net/ and have gained 12% for the week so far. Among the stocks dragging markets lower on Friday were Nvidia (NVDA), which fell 3%, Apple (AAPL), which fell 2.4% and Palantir (PLTR), which fell 1.4%. Rising yields signal concern about a stronger-than-expected economy, resurgent inflation and potentially fewer rate cuts in 2025 than anticipated.

• Procter & Gamble also reported better-than-expected earnings, while revenue fell short of estimates.
• The manufacturer of airplane engines and other parts reported net income of $1.9 billion, or $1.75 per share, on $10.81 billion in revenue.
• Spirits also got a boost from Wall Street bank earnings reports, which brought surging profits thanks to a dealmaking revival and investment banking strength.
• But the historic peak was delayed by strong economic news, an upturn in March inflation data and statements from Fed officials suggesting interest-rate cuts wouldn’t be coming soon.
• In early 1981, the index broke above 1,000 several times, but then retreated.

Latest CPI data shows prices increased less than expected in December

The three indices all finished the week in the red as Friday’s selloff erased the week’s previous gains. The Dow dropped by 697 points, closing at 41,938, while the S&P 500 fell by 1.5% and the tech-heavy Nasdaq index was lower by 1.6%. So, they are more valued for their present earnings rather than what they could make in the distant future. The tech companies in the Dow — Apple, Microsoft, Cisco Systems, International Business Machines, Intel, and Salesforce — are all proven businesses and leaders in their fields. “Usually it’s the other way around — the market’s hesitant, and then it does well after the election. Maybe you get the opposite of what we had — stocks will be strong into the election and then have some volatility fall on the election,” he said.

• GE shares were up 7% in recent trading They had risen almost 40% entering Thursday since the separation from GE Vernova (GEV) last April.
• The index had three nine-day runs, last occurring in 1955 (when there were four nine-day stretches).
• The Dow Jones Industrial Average and Nasdaq Composite added 0.9% and 0.2%, respectively, putting them each less than 1% away from new closing highs.
• Prices climbed 0.2% month-on-month on a “core” basis, which strips out the more volatile costs of food and gas, an easing from November’s 0.3% gain.
• The chart below shows four of those closing records, as they increase by the thousand.
• The Dow Jones Industrial Average was first composed by Charles Dow.At its start it only contained twelve companies and was mostly composed of energy, railroadand food stocks.

Oracle shares also recovered from early losses to close 1.2% higher and have now gained 15% over the past three days. On Thursday, speaking to participants at the World Economic Forum in Davos, Trump said he would use tariffs to push companies to make products in the U.S. and cut corporate taxes for companies manufacturing on U.S. soil. He also asked Saudi Arabia and the OPEC group of major oil-producing countries to reduce oil prices, which he said would lead to lower interest rates. US stocks plunged Friday as investors digested a better-than-expected jobs report that soured expectations of future rate cuts from the Federal Reserve. US stocks ripped higher on Wednesday as high hopes for bank earnings paid off and a crucial consumer inflation update showed key prices increased less than expected in December. In general, the Dow has underperformed during strong years in the stock market because the Dow has a higher focus on value and income, whereas the Nasdaq Composite focuses less on value and income.

The Dow Jones Industrial Average is one of the many gauges of stock market performance. This history of the Dow since the Great Depression demonstrates how stock market fluctuations beaxy exchange review reflect the natural stages of the business cycle. The Dow posted its all-time high during in December 2024, peaking at over 45,000 points. The new highs reflected optimism that the Federal Reserve would continue to cut interest rates and that the incoming administration would promote business growth. The largest single-day drop, percentage-wise, that the Dow has had occurred when the market crashed on Oct. 19, 1987, Black Monday.

Its liquidity and tight spreads make it appealing for both speculation and hedging. Foreign exchange (FX) spot transactions are integral to the global financial system, enabling immediate currency exchanges. These transactions are vital for businesses and investors who need quick currency conversions due to their short settlement periods.

What Is a Spot Rate?

Understanding liquidity is crucial for planning trades, as it impacts pricing and the ease of execution. Retail traders benefit from focusing on highly liquid pairs to minimize slippage and ensure tighter spreads. Institutional investors analyze liquidity trends to optimize large-scale transactions and mitigate market disruptions. Explore the fundamentals of FX spot trading, including market mechanics, settlement, and key factors influencing currency exchange. Rolling means the transaction is not allowed to settle, which would require delivering the currency sold and receiving the currency bought. Since traders aim to profit on the difference between when they buy and sell, and may not want the own the physical currency, positions are rolled for convenience.

Supply and Demand

Spot forex trading offers several advantages, including high liquidity, low transaction costs, and volatility, but also carries risks. Traders must be aware of the risks and have a solid understanding of the market before entering into spot forex trades. Forex trading is one of the largest financial markets in the world, with trillions of dollars exchanged every day. Spot forex trading is one of the most popular forms of forex trading where traders buy and sell currency pairs at the current market Apple aktie price, also known as the spot rate.

Another advantage is the low transaction costs, as the forex market does not charge commissions or fees on trades. Additionally, the forex market is highly volatile, which means that there are plenty of opportunities for traders to profit from price movements. Spot forex trading is the exchange of one currency for another at the current market price or spot rate. The term “spot” refers to the current market price, which is the rate at which currencies are traded on the spot market. The spot forex market is an over-the-counter (OTC) market, which means that trades are conducted directly between two parties without the involvement of an exchange.

Step 4: Choose and Analyze a Currency Pair

The market includes a wide variety of participants, ranging from individual retail traders to large institutional investors like banks and hedge funds. The spot exchange rate is the price (set by the forex market) at which you can buy a currency today. The settlement date for your transaction will take place two business days later (for the majority of currencies). Major currency pairs like EUR/USD, USD/JPY, and GBP/USD dominate spot trading due to their high liquidity and tight spreads. Exotic pairs, including USD/ZAR or USD/TRY, offer higher volatility but come with increased costs and risks. The forex spot market functions through a decentralized system, connecting participants from around the globe without relying on a central exchange.

Spot Exchange Rate: Definition, How It Works, and How to Trade

• Traders can adjust their positions according to market conditions without being tied to long-term contracts or obligations.
• CFDs offer access to a wide range of assets, including shares, indices, commodities, and forex, often from a single platform.
• Spot forex trading is popular among traders because it offers several advantages over other financial markets.
• Spot FX is the purchase or sale of forex ‘on the spot’, which means the exchange takes place at the exact point that the trade is settled.
• Whereas the aim of spot forex is to trade the value of one currency against another, a forex swap focuses more on interest rate differentials.
• Always set a stop-loss to limit your downside risk and a take-profit level to secure gains when the market moves in your favor.

An illustrious example of a spot currency transaction is going to the bank before a trip to the US and exchanging British pounds for US dollars as your money is exchanged at the current rate. Yet, many people are still not so well acquainted with financial markets, which are perceived coinbase exchange review to be riddled with trading terminology. Among them, the FX spot market is one industry that frequently generates misunderstandings. Spot trading in Forex offers a straightforward and efficient way for traders to participate in the global currency market. With its simplicity, liquidity, and low costs, it’s an attractive option for both beginner and experienced traders.

• However, if European interest rates are lower than they are in the U.S., this rate will be adjusted higher to account for this difference.
• Spot exchange rates are used for various reasons, including foreign investment and international and commercial trade.
• Traders monitoring these shifts can identify potential opportunities to capitalise on short-term volatility or avoid unnecessary exposure.
• Traders may make a profit or loss based on the difference between the prices they buy at and sell at.
• Notably, more highly liquid markets tend to facilitate more rapid swings in the spot price due to increased participant engagement and reduced transaction costs in dealing spreads.
• If you buy EUR/USD at the spot exchange rate, the trade will typically settle within two business days (T+2), meaning the euros will be delivered to your account within that timeframe​.

The Advantages of The Foreign Exchange Spot Market

Futures pricing is based on spot prices, but the linkage ends there as formers’ pricing mirrors the underlying asset’s expected supply and demand. For example, if crude oil market production has stagnated, this may imply future shortages, which might cause crude oil futures prices to surge. The Forex spot deal is an arrangement to trade currencies at the current rate, sometimes known as the cash rate, through a broker. Traders might win or lose money based on the difference in prices they buy and sell at with the potential to trade and profit in this 24-hour market whether prices rise or fall.

They buy a currency when they believe its value will increase and sell it when they believe its value will decrease. Forex spot trading is the exchange of one currency for another at its current market price, known as the spot price. Spot forex trading is popular among https://www.forex-reviews.org/ traders because it offers several advantages over other financial markets. One advantage is the high liquidity of the market, which means that traders can enter and exit trades quickly and easily.

Before diving into spot trading, take the time to learn the fundamentals of the Forex market. Understand how currency pairs work, the factors that influence exchange rates, and the tools and strategies used by successful traders. The spot price is the current exchange rate at which one currency can be exchanged for another.

Banks and financial institutions ensure currency amounts are delivered accurately. Systems like Continuous Linked Settlement (CLS) mitigate settlement risk by enabling simultaneous payment of both sides of a transaction, enhancing efficiency and security. The retail forex market is dominated by travelers who wish to buy and sell foreign currency, whether it be through their bank or a currency exchange. In this way, forex dealers incur costs managing their risk while providing liquidity to their customers.

There are different ways in which traders and investors can execute a spot forex exchange. The forex market is the largest and most liquid market in the world, with trillions of dollars changing hands daily. The most actively traded currencies are the U.S. dollar, the euro, the Japanese yen, the British pound, and the Chinese renminbi. The euro is used in many continental European countries including Germany, France, and Italy. After setting up your account, deposit funds using your broker’s supported payment methods, such as bank transfer, credit card, or e-wallets.

The stock could give a false signal in the pennant or flag, and then fail to rally again. A breakout above the flat top line completes this bull flag. A traditional bull flag has a downtrend after the initial rally. A flat top break isn’t quite the same as a classic bull flag. But there are similarities, and you can trade them the same way.

As a breakout strategy, you want to make sure that you respect your stops and analyze the price and volume well. Similarly, you want to make sure you are trading off of the correct time frame for the context of the move. The volume and demand are there for the flag pole to form. This is noticeable on the chart and the big green candles. Then, during the flag formation, we get the pullback on lower volume and tighter range red candles. Lastly, the trend resumes as volume/demand returns and price breaks to a new 30-minute candle high.

When a bullish candlestick breaks above the consolidation of a flag, a potential breakout occurs. Ideally, you’d like to see the price continue and break above the top of the flag pole. The “bull flag” or “bullish flag pattern” is a powerful indicator for trading uptrends or topside market breakouts. A bear flag suggests that the price is likely to continue its downward movement. It typically forms during a downtrend, indicating a temporary pause or minor upward movement before the price resumes its decline.

It won’t always look the same, so expect it to vary from flag to flag. We’ve looked at a classic bull flag and bull pennant flag already. If the stock can break out of consolidation, that’s when it’s time to trade. Traders get FOMO — they want to get in on the action.

Examples of Bullish Flags

You’ll see how other members are doing it, share charts, share ideas and gain knowledge. You’ll find trading difficult if you rely on one pattern to tell the story. That’s why it’s so important to see patterns within patterns.

Master Stock Trading With Above the Green Line

The optimal place to buy a bull flag breakout is once the trend begins to shift once again in the desired direction. In this 30-minute chart example, you can see that the first candle to make a new high inside the bull flag becomes the breakout candle. Now, inside this trading range we’ve drawn, you’ll see the “current” day we are wanting to trade inside the blue oval. Within that range, a bull flag begins to form mid-day, right at the middle of the trading range. Let’s examine the AMC example above with a little more detail.

1. As you can see from the image above, the context is everything when comparing a bull flag to a bear flag.
2. The bull flag pattern has broader significance in technical analysis as it’s an effective tool to identify potential bullish continuation signals.
3. The key is to wait for confirmation of the breakout while keeping a close eye on your risk.
4. My goal is to break down this useful – but kinda boring – concept in a way that’s engaging and helps improve your trading skills.
5. The bull flagpole forms when there’s a big upward movement in price.

In this case, one can buy above the 38% level and get in on the prevailing uptrend. Before acting on any bullish pattern, ensure that the overall market trend aligns bull flag trading with the pattern’s signal. Use indicators like moving averages to confirm an uptrend.

The Descending Triangle Pattern: Definition and Examples

Now since this is a trend reversal strategy, you’d want to look for downtrends. That’s why I suggest taking your profits below the next area of resistance you’ve plotted on the chart. The entry trigger rules are the same for the strategies that I’m about to show you because entries only play a small part in the equation. Let me share the entry trigger rule with you because this is the same rule that we will use on all three strategies.

How to Use Bull Chart Patterns in Your Trading Strategy

1. Learning to recognize a bull flag pattern on a chart is a skill you develop over time.
2. In comparison to a bull flag pennant consolidates longer so the bull pennant flag may be more suited for swing traders while flags more suited for day traders.
3. The bull flag rises, dips, and consolidates before continuing to move up.
4. Use candlestick patterns like bullish engulfing or strong green candles to confirm the breakout.

If you can identify key levels on a chart where shorts could be underwater, then see a bull flag form, it could be indicative of a coming squeeze. We discuss this strategy in detail in our post on liquidity traps. A double top pattern is shaped like an ‘M’ and is bearish. A bull flag pattern is shaped like a flag and is bullish.

These alert signals go along with our stock watch lists. Our watch lists and alert signals are great for your trading education and learning experience. Before deciding to make a trade, it’s crucial to identify and confirm the pattern accurately. Candlesticks are a way to gauge the way traders feel about a stock. We may be scattered worldwide and don’t know each other; however, candlesticks tell us how we all feel about a security.

Although we are going to explore other bull flag trading strategies later in this article, I want to introduce a more objective trading approach at this point. The first step when it comes to finding bull flags is making sure that the instrument is in a trending market environment. The strong impulsive trend wave in the screenshot below confirms that the instrument is indeed overall in a trending market. Being able to properly identify these components of a bull flag will help traders spot this pattern as it forms. It also prepares you to take advantage of the expected bull flag breakout when it occurs. By the end, you’ll have a solid grasp of how to trade bull flags.

Z kolei Dywidendowe Okazje obejmują „dywidendowe spółki w niełasce” lub firmy, których potencjał nie został jeszcze w pełni dostrzeżony przez rynek. Korzystnie wyróżnia się przede wszystkim miarowy i stabilny wzrost Dzień handlu dla początkujących przychodów oraz bardzo konsekwentna polityka dywidendowa firmy, której nie można w tym zakresie niczego zarzucić” – komentuje ekspert. Choć na GPW trudno znaleźć dywidendowych arystokratów w amerykańskim rozumieniu tego terminu, na naszym rodzimym parkiecie nie brakuje interesujących propozycji. Jak co roku, znany bloger przygotował ranking liderów dywidendowych.

Historycznie, podobne sytuacje prowadziły do silnych wzrostów indeksu w perspektywie roku. Jak pokazują dane, w przeszłości po przekroczeniu poziomu 4,5% indeks WIG20 rósł średnio o 24,9% w ciągu następnych 12 miesięcy. Na koniec zastrzeżenie, że portfel nie do końca jest pasywny, czyli nie możemy kupić i nic nie robić do przyszłego roku. Trzeba w trakcie roku obserwować, czy któraś ze spółek nie jest wyprowadzana z giełdy i zareagować na ewentualne wezwanie. Nawet jeśli tego nie zrobimy, ostatecznie spółka się z nami skontaktuje w celu wykupienia resztki akcji, ale w ten sposób wydłużymy sobie czas do odzyskania pieniędzy. Zł kupujemy akcje 197 spółek, płacąc po około 1000 zł za akcje każdej z nich.

Wskaźnik wypłaty jest na poziomie 69,18% – mediana z ostatniej dekady. Warto też zwrócić uwagę na wzrost zysków spółek XTB, Broker Umarkets Opinie, prawdziwe opinie klientów i szczegółowy przegląd Neuca oraz Dom Development. Dwie ostatnie wypłacają regularnie dywidendę od ponad 18 lat i starają się także zwiększać jej wartość.

W tym roku szturmem do moich rankingów dywidendowych wdarła się dobrze znana oferująca usługi maklerskie spółka XTB. Wiele osób dziwiło mi się, że nie uwzględniłem jej w rankingu zeszłorocznym, ale brakowało mi wtedy wystarczającej historii dywidend, a wzrost przychodów i zysków grał wtedy mniejszą rolę niż dziś. XTB notuje imponujący wzrost wyników, ale warto zauważyć, że jest on dość niestabilny i zależny od zmienności na rynku. Nie wymagam od nich jednak historii dywidend podobnej do dywidendowych arystokratów ani konsekwentnej polityki dywidendowej.

Z zestawienia wynika, że są na GPW spółki dywidendowe, które mają nawet 3-cyfrową dynamikę wzrostu dywidendy. Pierwsze dwie spółki na liście mają bardzo zmienną wysokość dywidendy. To mocno wpływa na średnią dynamikę jej wzrostu – liczyłem średnią arytmetyczną. Jestem wielkim zwolennikiem inwestycji długoterminowych, budowania dochodu pasywnego z dywidend i procentu składanego. Uważam, że inwestorzy powinny powrócić do źródła, czyli akumulacji najlepszych aktywów. Takie aktywa nie tylko zwiększają wartość w czasie, ale przez dywidendy płacą nam Forex Broker Markeriva – Ocena 2021, Informacje, Opinie klientów za to, że trzymamy je w portfelu.

Jest to dobry wybór dla inwestorów szukających spółek o solidnych wynikach finansowych, szczególnie w branży IT. Ustalenie prawa do dywidendy miało miejsce 25 listopada 2024 r., a dzień bez dywidendy przypadał na 22 listopada. Murapol to jedna z czołowych firm deweloperskich na rynku polskim.

No i czy w ogóle da się w ten sposób samodzielnie zarobić więcej, niż wynosi inflacja. Wielu inwestorów decyduje się na automatyczną reinwestycję otrzymanych dywidend w akcje tej samej spółki. Taka strategia pozwala wykorzystać potęgę procentu składanego i może znacząco zwiększyć długoterminowe zyski. Jest to szczególnie efektywne w przypadku spółek dywidendowych o stabilnym wzroście.

Niedawno opublikował on zestawienie dywidendowych liderów GPW na 2025 rok. Spółek wypłacających regularnie dywidendę jest niewiele, jakaś część robi to nieregularnie. StockWatch.pl śledzi wszystkie komunikaty i wiadomości dotyczące dywidend i zbiera je na tej podstronie.

Firmy z potencjałem wzrostu mogą nie tylko utrzymać, ale także zwiększać dywidendy w przyszłości. W art. 14a ustawy o CIT zamieszczono otwarty katalog świadczeń podlegających opodatkowaniu. Wskazano przykłady najbardziej popularnych świadczeń regulowanych w ten sposób (pożyczkę, kredyt, dywidendę, zbycie udziałów lub akcji w celu ich umorzenia).

Jednostki uczestnictwa w funduszach tego typu pozwalają na odpowiednią dywersyfikację, a to jest bolączką inwestorów, którzy chcą samodzielnie budować portfel. Podstawowym ryzykiem bezpośredniej inwestycji w obligacje korporacyjne jest ryzyko kredytowe emitenta (czyli jego zdolność do obsługi zadłużenia i zwrotu kapitału). Raz na jakiś czas zdarza się, że firmy stają się (z różnych powodów) niewypłacane, czyli mówiąc w uproszczeniu – bankrutują. — Wysokie stopy procentowe i utrzymująca się niepewność co do terminu i skali ich obniżek czynią obligacje korporacyjne atrakcyjnym elementem portfela inwestycyjnego.

Analizuj historyczne dane, prognozy analityków i porównaj z innymi spółkami energetycznymi. Na GPW znaleźliśmy 12 spółek, które konsekwentnie dzieląc się zyskami zwróciły inwestorom koszt zakupu akcji. Ta witryna wykorzystuje pliki cookie wśród innych narzędzi śledzenia i analizy. Pliki cookie mogą być również wykorzystywane do innych celów marketingowych i reklamowych lub do innych ważnych celów analityki biznesowej i operacji. Jeżeli nie będziesz zadowolony, odzyskasz 100% opłaty za abonament.

Eksperci VIG/C-Quadrat TFI w niedawnym raporcie napisali, że w 2025 r. Nadal spodziewają się atrakcyjnych stóp zwrotu z inwestycji w tę klasę aktywów. Negatywnie na ten scenariusz mogą oddziaływać ewentualne obniżki stóp procentowych lub bankructwa spółek. Dla porównania, według portalu Analizy.pl, średnia 12-miesięczna stopa zwrotu w styczniu 2025 r. Dla funduszy inwestujących w polski dług korporacyjny oraz 5,1 proc. Stopy zwrotu uwzględniają koszty takie jak opłata za zarządzanie czy success fee, poza opłatą dystrybucyjną i opłatą za konwersję/zamianę.

Dla wielu inwestorów, szczególnie tych, którzy poszukują stabilnego i regularnego dochodu z inwestycji, wysoka stopa dywidendy może być bardziej atrakcyjna niż tylko wysoka kwota dywidendy na akcję. Stopa dywidendy na rynku akcyjnym obliczana jest jako stosunek wartości wypłaconych dywidend do ceny akcji. Jest to wskaźnik mierzący procentowy zwrot z dywidendy, który inwestor otrzymuje w stosunku do ceny, jaką zapłacił za daną akcję.

Od 15 lat inwestorzy otrzymują część zysku, a w tym roku czeka na nich wypłata 0,70 zł na akcję. Spółka stara się zwiększać regularnie wartość gotówki przeznaczanej dla akcjonariuszy. Największy deweloper mieszkaniowy na warszawskiej giełdzie, będący jednocześnie jedną z najmocniejszych spółek dywidendowych na GPW. Oczywiście – nie jest tanio, szczególnie po ubiegłym roku, kiedy akcje wzrosły o ponad 75 proc. Dom Development – mimo rozgrzanego rynku nieruchomości – ma jednak sporo atutów, jako składnik portfela długoterminowego. Dywidendowi Liderzy Wzrostu to firmy wykazujące dynamiczny wzrost przychodów i zysków netto, jednocześnie konsekwentnie wypłacające dywidendy.

Walne Zgromadzenie Akcjonariuszy odbyło się 12 listopada 2024 r.. DIGITANET to firma, która specjalizuje się w dostarczaniu usług w zakresie infrastruktury IT. Spółka proponuje dywidendę w wysokości 2,41 PLN na akcję, co daje stopę dywidendy wynoszącą 5%. To solidna oferta, zwłaszcza w sektorze technologicznym, gdzie inwestorzy często poszukują firm o stabilnym wzroście i regularnych wypłatach.