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April 18th, 2022
Insight on Plan Design & Investment Strategy Every Weekday
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| Economic Events |
Advance estimates of U.S. retail and food services sales for March, adjusted for seasonal variation and holiday and trading-day differences, but not for price changes, were $665.7 billion, an increase of 0.5% from the previous month, and 6.9% above March 2021, the Census Bureau reported. Total sales for the January through March period were up 12.9% from the same period a year ago. Retail trade sales were up 0.4% from February, and up 5.5% above last year. Gasoline stations were up 37.0% from March 2021, while food services and drinking places were up 19.4% from last year.
The combined value of distributive trade sales and manufacturers’ shipments for February, adjusted for seasonal and trading day differences but not for price changes, was estimated at $1,804.6 billion, up 1.0% from January and was up 18.8% from February 2021.
In the week ending April 9, the advance figure for seasonally adjusted initial claims for unemployment insurance was 185,000, an increase of 18,000 from the previous week’s revised level of 167,000, the Labor Department reported. The four-week moving average was 172,250, an increase of 2,000 from the previous week’s revised average of 170,250.
Interest on a 30-year fixed-rate mortgage averaged 5.00% as of April 14, up from last week when it averaged 4.72%, according to Freddie Mac. A year ago at this time, the 30-year FRM averaged 3.04%. Interest on a 15-year fixed-rate mortgage averaged 4.17%, up from last week when it averaged 3.91%. A year ago at this time, the 15-year FRM averaged 2.35%.
Tomorrow, the Census Bureau will report about housing starts for March. Wednesday, the National Association of Realtors will report about existing home sales for March. Thursday, the Labor Department will issue its initial claims report, and Freddie Mac will update average mortgage rates for the week.
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| Market Mirror |
Friday, the Dow closed 113.36 points (0.33%) lower at 34,451.23, the Nasdaq lost 292.51 points (2.14%) to finish at 13,351.08, and the S&P 500 decreased 54.00 points (1.21%) to 4,392.59. The Russell 2000 was down 20.12 points (0.99%) at 2,004.98, and the Wilshire 5000 fell 551.61 points (1.23%) to 44,180.87.
The price of the 10-year Treasury note decreased 1 1/32, bringing its yield up to 2.828%. The price of the 30-year Treasury bond fell 1/31/32, increasing its yield to 2.920%.
For the week ending April 14, the Dow decreased 0.78%, the Nasdaq fell 2.63%, and the S&P 500 lost 2.13%. The Russell 2000 was up 0.52%, and the Wilshire 5000 finished 1.66% lower.
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Deals and People
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Retirement Industry People Moves
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AIG names new chief investment, risk and underwriting officers; Verus adds two senior consultants in Chicago; LIMRA hires two industry executives to join research leadership team. 
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ON THIS DATE: In 1861, Colonel Robert E. Lee turned down an offer to command the Union armies during the U.S. Civil War. In 1906, at 5:13 a.m., an earthquake estimated at close to 8.0 on the Richter scale struck San Francisco, California, killing an estimated 3,000 people as it toppled numerous buildings. In 1923, Yankee Stadium opened in the Bronx, New York. The Yankees beat the Boston Red Sox 4-1. John Phillip Sousa’s band played the National Anthem. In 1924, Simon and Schuster, Inc. published the first “Crossword Puzzle Book.” In 1934, the first Laundromat opened in Fort Worth, Texas. In 1938, Superman made his debut when he appeared in the first issue of Action Comics. In 1946, the League of Nations was dissolved. In 2012, Dick Clark, the TV personality and producer best known for hosting “American Bandstand,” died of a heart attack at age 82 in Santa Monica, California. In 1999, Wayne Gretzky (New York Rangers) played his final game in the NHL. He retired as the NHL’s all-time leading scorer and holder of 61 individual records.
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