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April 14th, 2023
Insight on Plan Design & Investment Strategy Every Weekday
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| ECONOMIC EVENTS |
The Producer Price Index for final demand declined 0.5% in March, the Bureau of Labor Statistics reported. Prices for final demand goods decreased 1.0%, and the index for final demand services moved down 0.3%. Prices for final demand advanced 2.7 % for the 12 months ended in March.
Interest on a 30-year fixed-rate mortgage averaged 6.27% for the week ending April 13, down from last week when it averaged 6.28%, Freddie Mac reported. A year ago this time, the 30-year FRM averaged 5%. Interest on a 15-year fixed-rate mortgage averaged 5.54%, down from last week when it averaged 5.64%. A year ago at this time, the 15-year FRM averaged 4.17%
In the week ending April 8, the advance figure for seasonally adjusted initial claims for unemployment insurance was 239,000, an increase of 11,000 from the previous week’s unrevised level of 228,000, the Labor Department Reported. The four-week moving average was 240,000, an increase of 2,250 from the previous week’s unrevised average of 237,750.
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| MARKET MIRROR |
Thursday, the Dow increased 383.19 points (1.14%) to close at 34,029.69, the Nasdaq increased 236.93 points (1.99%) to close at 12,166.27 and the S&P 500 increased 54.27 points (1.33%) to close at 4,146.22. The Russell 2000 increased 22.98 points (1.30%) to close at 1,796.68 and the Wilshire 5000 increased 532.03 points (1.32%) to close at 40,977.86.
The 10-year Treasury note increased 1/32, bringing the yield to 3.446%. The 30-year Treasury bond increased 1/32, bringing the yield to 3.690%.
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PRODUCTS
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Investment Product & Service Launches
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Nestimate announces in-plan retirement income analytics tool for advisers; Savvy Wealth launches direct indexing investment product; Broadridge, Paychex partner on small 401(k) retirement plan solution; and more. 
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EVENTS
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HSA Conference
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Gain a better understanding of health savings accounts, how to determine employees’ needs and how to evaluate the impact on the overall benefits spend. Join us April 19 – 20 for the virtual 2023 HSA Conference.
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ON THIS DATE: In 1865, just after the effective end of the American Civil war, U.S. President Abraham Lincoln was shot by Johns Wilkes Booth while attending a production at Ford’s Theatre in Washington, D.C. and died the next morning. In 1902, James Cash (J.C.) Penney opened his first retail store in Kemmerer, Wyoming. It was called the Golden Rule Store. In 1939, American author John Steinbeck’s classic “The Grapes of Wrath,” which was set during the Great Depression, was published. In 1952, American author Ralph Ellison published his debut novel, “Invisible Man.” In 1986, U.S. President Ronald Reagan announced the U.S. raid on military and terrorist related targets in Libya. In 2010, a volcano in Iceland began sending ash plumes into the skies, disrupting air traffic for days across northern and central Europe. In 2021, American hedge-fund investment manager Bernie Madoff, who operated the world’s largest Ponzi scheme, died in federal prison at the age of 82.
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