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April 1st, 2024
Insight on Plan Design & Investment Strategy Every Weekday
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| ECONOMIC EVENTS |
In the week ending March 23, the advance figure for seasonally adjusted initial jobless claims was 210,000, a decrease of 2,000 from the previous week’s revised level, the Department of Labor reported. The previous week’s level was revised up by 2,000 from 210,000 to 212,000. The four-week moving average was 211,000, a decrease of 750 from the previous week’s revised average. The previous week’s average was revised up by 500 from 211,250 to 211,750.
Monday, the Census Bureau will report construction spending for February. Thursday, the Department of Labor will issue its initial jobless claims report and Freddie Mac will update average mortgage rates for the week. Friday, the Bureau of Labor Statistics will report the unemployment rate for March.
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| MARKET MIRROR |
Thursday, the Dow rose 47.29 points (0.12%) to close at 39,807.37, the Nasdaq fell 20.06 points (0.12%) to close at 16,379.46 and the S&P 500 rose 5.86 points (0.11%) to close at 5,254.35. The Russell 2000 rose 10.20 points (0.48%) to close at 2,124.55, and the FT Wilshire 5000 Index rose 70.59 points (0.13%) to close at 52,915.82.
The 10-year Treasury note was unchanged, bringing the yield to 4.205%. The 30-year Treasury was unchanged, bringing the yield to 4.346%.
For the week ending March 28, the Dow rose 0.84%, the Nasdaq fell 0.30% and the S&P 500 rose 0.39%. The Russell 2000 rose 2.54%, and the FT Wilshire 5000 Index ended 0.57% higher
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DEALS AND PEOPLE
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Retirement Industry People Moves
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Equitable names new retirement and investment leaders; Standard appoints new corporate actuary and chief risk officer; Nicolet National Bank brings on new wealth, private client services head. 
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PRODUCTS
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Product & Service Launches
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ADP partners with Summer on SECURE 2.0 student loan retirement match; Voyant offers advisers retirement planning analysis for clients; Fidelity launches benefits program for multinational companies; and more.
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ON THIS DATE: In 1815, Otto von Bismarck, the founder and first chancellor of the German Empire from 1871 to 1890, was born. In 1917, composer and pianist Scott Joplin, known as the “king of ragtime” at the turn of the 20th century, died in a mental institution in New York City. In 1918, the U.K.’s Royal Air Force was formed. In 1924, Adolf Hitler was sentenced to five years in prison for his role in the Beer Hall Putsch; he ultimately served only nine months, during which time he wrote much of “Mein Kampf.” In 1945, U.S. troops landed on the Japanese island of Okinawa during World War II. In 1954, the U.S. Air Force Academy was created by an act of Congress and was later built in Colorado Springs, Colorado. In 1976, Steve Jobs, Steve Wozniak and Ronald Wayne formed Apple Computer Inc. In 1979, following overwhelming support in a national referendum, Ruhollah Khomeini declared Iran an Islamic republic; it marked the end of the Iranian Revolution. In 1984, singer and songwriter Marvin Gaye was shot and killed by his father in Los Angeles In 1999, following a transitional period, the Canadian province of Nunavut came into being carved from a vast region from Canada’s Northwest Territories. The Canadian territory of Nunavut stretches across much of the Canadian Arctic and encompasses the traditional lands of the Inuit. In 2001, the Netherlands became the first country to grant equal marriage rights to same-sex couples. The same year, a midair collision of a U.S. spy plane and a Chinese fighter jet that was tailing it over the South China Sea resulted in the death of the Chinese pilot and the landing of the damaged American plane on Hainan Island, where its crew was detained for 11 days. In 2004, Google launched the email service Gmail. In 2018, television producer Steven Bochco—the cocreator of such hit shows as “Hill Street Blues,” “L.A. Law,” and “NYPD Blue”—died at the age of 74.
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