Morning Money Memo….

Take a look at your 401(k) fund statement: 2014 has been a very good year for most investors and businesses. The S&P 500 big stock index is up more than 12.5 percent. Stock returns are usually far stronger than keeping your money in a bank account or money market mutual fund. The 2014 rise for stocks came despite gloomy predictions of a plunge or correction by many stock pickers. This was not a good year for many experts, especially the managers at hedge funds, which charge wealthy investors large fees to stay ahead of the market. In most cases they didn't-lagging behind the rise for the S&P and other stock averages. The biggest shock of the year was the plunge in the price of oil, which helped bond investors with falling interest rates and higher prices for bonds. The value of the dollar has been strong this year on global currency markets - gaining in value. Stock market futures rose this morning on the final day of the year.

The view from most oil-rich nations is not so good. Venezuela's government confirms today the economy is still struggling. Its socialist president is blaming the severe slump on his government's opponents. Nicolas Maduro's comments came hours after the central bank said GDP shrank at an annual rate of 4.8 percent in the third quarter. The report came as no surprise to economists, who blame the Venezuelan government's tight control of prices and foreign exchange for scaring away investment and widespread shortages of even essential items such as soap and sugar.

The real estate firm RealtyTrac says the median sales price of U.S. single family homes and condos in November was $190,000, flat with the previous month but up 15 percent from the year before. "As the price of distressed properties reaches a new high the pool of investor activity that has been fueling the housing recovery may dry up," says Daren Blomquist, vice president at RealtyTrac. Most economists expect fewer distressed sales next year as the housing market returns to normal with more first-time buyers.

China's two biggest manufacturers of bullet trains have merged in hopes of creating a globally competitive producer. CNR and CSR, both state-owned, will merge into a company called CRRC Corp., according to a statement released through the Shanghai stock exchange. It said they want to create a "globally leading" supplier of high-end equipment. China has the world's biggest bullet train network but its trains are based on French, German and Japanese technology. Beijing is trying to develop its own bullet trains to secure a foothold in a growing global market.