| Products, Deals and People | The Retirement Advisor Council unveiled a new request for proposal (RFP) support tool that plan sponsors can use, free of charge, to rate responses from potential advisers, complementing other RFP process documentation and due diligence.Read more > | | Market Mirror | Major U.S. stock indices closed higher Tuesday, led by big gains in oil and gas companies as energy prices climb, the Associated Press reports. The Dow gained 164.84 points (0.94%) to finish at 17,721.25, the NASDAQ closed 38.69 points (0.80%) higher at 4,872.09, and the S&P 500 increased 19.73 points (0.97%) to 2,061.72. The Russell 2000 was up 11.37 points (1.04%) at 1,105.71, and the Wilshire 5000 climbed 200.67 points (0.95%) to 21,228.87.
On the NYSE, 3.2 billion shares changed hands, with advancing issues outnumbering declining issues nearly 4 to 1. On the NASDAQ, 2.7 billion shares traded, with a near 2 to 1 lead for advancers.
The price of the 10-year Treasury note was down 13/32, increasing its yield to 1.773%. The price of the 30-year Treasury bond decreased 24/32, bringing its yield up to 2.595%. | | Compliance | Fidelity, Putnam Excessive Fee Cases Moved Forward | U.S. District Judge William Young of the U.S. District Court for the District of Massachusetts has denied motions to dismiss excessive fee lawsuits against Fidelity Management Trust and Putnam Investments. In a combined order, Young said that in factually complex Employee Retirement Income Security Act (ERISA) cases such as the ones against Fidelity and Putnam, dismissal is often inappropriate.Read more > | | Ask the Experts | LLC Subsidiary Participation in 403(b) | “May the employees of the wholly owned LLC subsidiary of a 501(c)(3) corporation participate in the 501(c)(3) corporation’s 403(b) plan?”Read more > | | Investing | The quarter that ended in March was one of the most vigorous trading periods on record for 401(k) account holders, according to Aon Hewitt.Read more > | | Small Talk | Yes, public restrooms are germy, but researchers found most of those germs do not survive very long. Jack Gilbert, a microbiologist at Argonne National Laboratory in Illinois, is co-author of a 2014 study in the journal of Applied and Environmental Microbiology in which researchers tracked the microbiomes of four university restrooms over hours and days. People bring a lot of bacteria into bathrooms, but when left undisturbed, many of these bacteria quickly perished.Read more > | ON THIS DATE: In 1860, the first mail was delivered via Pony Express when a westbound rider arrived in Sacramento, California, from St. Joseph, Missouri. In 1861, after 34 hours of bombardment, the Union-held Fort Sumter surrenders to Confederates. In 1870, the Metropolitan Museum of Art was founded in New York City. In 1943, U.S. President Franklin D. Roosevelt dedicated the Jefferson Memorial. In 1954, Hank Aaron debuted with the Milwaukee Braves. In 1964, Sidney Poitier became the first black person to win an Oscar for best actor. It was for his role in the movie “Lilies of the Field.” In 1976, the U.S. Federal Reserve introduced $2 bicentennial notes. In 1997, Tiger Woods became the youngest person to win the Masters Tournament at the age of 21. He also set a record when he finished at 18 under par. In 1998, NationsBank and BankAmerica announced a $62.5 billion merger, creating the country’s first coast-to-coast bank.
WEDNESDAY WISDOM: “Even if you’re on the right track, you’ll get run over if you just sit there.”—Will Rogers, actor | Share the good news with a friend! Pass the NewsDash along—and tell your friends/associates they can sign up for their own copy.Read more > |
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