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April 12th, 2024
Insight on Plan Design & Investment Strategy Every Weekday
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| ECONOMIC EVENTS |
In the week ending April 6, the advance figure for seasonally adjusted initial jobless claims was 211,000, a decrease of 11,000 from the previous week’s revised level of 222,000, the Department of Labor reported. The four-week moving average was 214,250, a decrease of 250 from the previous week’s revised average of 214,500.
Interest on a 30-year fixed-rate mortgage averaged 6.88% for the week ending April 11, up from last week when it averaged 6.82%, according to Freddie Mac. A year ago at this time, the 30-year FRM averaged 6.27%. Interest on a 15-year fixed-rate mortgage averaged 6.16%, up from last week when it averaged 6.11%. A year ago at this time, the 15-year FRM averaged 5.54%.
The Producer Price Index for final demand rose 0.2% in March, seasonally adjusted, the U.S. Bureau of Labor Statistics reported. Final demand prices moved up 0.6% in February and 0.4% in January. On an unadjusted basis, the index for final demand increased 2.1% for the 12 months ended in March, the largest advance since rising 2.3% for the 12 months ended April 2023.
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| MARKET MIRROR |
Thursday, the Dow fell 2.43 points (0.01%) to close at 38,549.08, the Nasdaq rose 271.84 points (1.68%) to close at 16,442.20 and the S&P 500 rose 38.42 points (0.74%) to close at 5,199.06. The Russell 2000 gained 14.21 points (0.70%) to close at 2,042.60, and the FT Wilshire 5000 Index gained 373.84 points (0.72%) to close at 52,243.67.
The 10-year Treasury note decreased 3/32, bringing the yield to 4.595%. The 30-year Treasury bond decreased 8/32, bringing the yield to 4.681%.
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PRODUCTS
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Product & Service Launches
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Lincoln Financial Group introduces side-by-side pooled employer retirement solutions; Alger expands high-conviction growth equity lineup; Fidelity launches 2 actively managed liquid alternatives ETFs. 
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ON THIS DATE: In 1892, a patent for the first portable typewriter was issued in the U.S. In 1945, U.S. President Franklin D. Roosevelt died at age 63. In 1947, comedian David Letterman, best known as the host of his long-running late-night talk show, was born. In 1961, Russian cosmonaut Yuri Gagarin became the first human in outer space. In 1981, NASA launched the first space shuttle, Columbia, which was designed to orbit Earth, transport people and cargo to and from orbiting spacecraft, and glide to a runway landing on its return to Earth. The same day, American Joe Louis, world heavyweight boxing champion from 1937 to 1949, died at age 66. In 1983, Harold Washington was elected the first African American mayor of Chicago. In 1989, boxer Sugar Ray Robinson, a six-time world champion who was considered by many to have been the best fighter in history, died at age 67. In 2014, a forest fire swept into the port city Valparaiso, Chile, destroying several thousand homes and claiming the lives of at least 16 people before it was extinguished several days later.
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