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April 19th, 2024
Insight on Plan Design & Investment Strategy Every Weekday
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Data and Research
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American Adults Show Lack of ‘Retirement Fluency’
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Understanding retirement-related topics like Medicare coverage and life expectancy were most difficult for respondents, according to TIAA and the Global Financial Literacy Excellence Center. 
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| ECONOMIC EVENTS |
In the week ending April 13, the advance figure for seasonally adjusted initial claims was 212,000, unchanged from the previous week’s revised level of 212,000, the Department of Labor reported. The four-week moving average was 214,500, unchanged from the previous week’s revised average of 214,500.
Interest on a 30-year fixed-rate mortgage averaged 7.1% for the week ending April 18, up from last week when it averaged 6.88%, according to Freddie Mac. A year ago at this time, the 30-year FRM averaged 6.39%. Interest on a 15-year fixed-rate mortgage averaged 6.39%, up from last week when it averaged 6.16%. A year ago at this time, the 15-year FRM averaged 5.76%.
Total existing-home sales–completed transactions that include single-family homes, townhomes, condominiums and co-ops–receded 4.3% from February to a seasonally adjusted annual rate of 4.19 million in March, the National Association of Realtors reported. Year-over-year, sales waned 3.7% (down from 4.35 million in March 2023).
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| MARKET MIRROR |
Thursday, the Dow rose 22.07 points (0.06%) to close at 37,775.38, the Nasdaq fell 81.87 points (0.52%) to close at 15,601.50 and the S&P 500 fell 11.09 points (0.22%) to close at 5,011.12. The Russell 2000 lost 4.99 points (0.26%) to close at 1,942.96, and the FT Wilshire 5000 Index lost 110.27 points (0.22%) to close at 50,267.40.
The 10-year Treasury note decreased 3/32, bringing the yield to 4.638%. The 30-year Treasury bond decreased 4/32, bringing the yield to 4.734%.
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Data and Research
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‘Peak Age’ Boomers Face Retirement Shortfall
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The current crop of 65-year-old Boomers, particularly among women and those without higher degrees, will struggle to maintain a working lifestyle, according to the Alliance for Lifetime Income.
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PRODUCTS
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Product & Service Launches
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inVesti launches HSA to complement retirement offerings; Durham to assist financial advisers with retirement income planning; Summit Financial bolsters private market investment platform amid demand.
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ON THIS DATE: In 1775, with the Battles of Lexington and Concord, the American Revolution began. It was an effort by 13 British colonies in North America (with help from France, Spain and the Netherlands) to win their independence. In 1943, the Warsaw Ghetto Uprising, an act of resistance by Polish Jews under Nazi occupation, began and was quelled four weeks later, on May 16. In 1960, students in South Korea began demonstrating against President Syngman Rhee, who had declared victory in the national election, which many claimed was marred by fraud; the unrest grew, ultimately forcing Rhee to resign. In 1975, Aryabhata, the first uncrewed Earth satellite built by India, was launched by the Soviet Union by a Russian-made rocket. In 1993, after a 51-day standoff with U.S. federal agents, some 80 members of the millennialist Branch Davidian religious group perished in a fire at their compound near Waco, Texas. In 1995, in what was the worst act of terrorism in U.S. history up to that time, a truck bomb nearly destroyed the Alfred P. Murrah Federal Building in Oklahoma City, killing 168 and injuring more than 500 people. In 2005, Cardinal Joseph Ratzinger was elected to succeed Pope John Paul II, who had died some two weeks earlier; Ratzinger took the name Benedict XVI. In 2018, King Mswati III announced that he was changing his country’s name from the Kingdom of Swaziland to the Kingdom of Eswatini.
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