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April 21st, 2023
Insight on Plan Design & Investment Strategy Every Weekday
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| ECONOMIC EVENTS |
In the week ending April 15, the advance figure for seasonally adjusted initial claims for unemployment insurance was 245,000, an increase of 5,000 from the previous week’s revised level of 240,000, the Labor Department reported. The four-week moving average was 239,750, a decrease of 500 from the previous week’s revised average of 240,250.
Interest on a 30-year fixed-rate mortgage averaged 6.39% for the week ending April 20, up from last week when it averaged 6.27%, according to Freddie Mac. A year ago at this time, the 30-year FRM averaged 5.11%. Interest on a 15-year fixed-rate mortgage averaged 5.76%, up from last week when it averaged 5.54%. A year ago at this time, the 15-year FRM averaged 4.38%.
Existing home sales retreated 2.4% in March to a seasonally adjusted annual rate of 4.44 million, according to the National Association of Realtors. Month-over-month sales declined in three out of four major U.S. regions, while sales in the Northeast remained steady. Total existing-home sales, completed transactions that include single-family homes, townhomes, condominiums and co-ops, fell 2.4% from February to a seasonally adjusted annual rate of 4.44 million in March. Year-over-year, sales waned 22% (down from 5.69 million in March 2022).
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| MARKET MIRROR |
Thursday, the Dow lost 110.39 points (0.33%) to close at 33,786.62, the Nasdaq lost 97.67 points (0.80%) to close at 12,059.56 and the S&P 500 lost 24.73 points (0.60%) to close at 4,129.79. The Russell 2000 fell 9.74 points (0.54%) to close at 1,789.70 and the Wilshire 5000 fell 255.70 points (0.62%) to close at 40,808.88.
The 10-year Treasury note increased 5/32, bringing the yield to 3.538%. The 30-year Treasury bond increased 7/32, bringing the yield to 3.747%.
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PRODUCTS
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Investment Product Launches
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Beacon Capital Management launches tactical risk ETF; MassMutual announces fund investing in diverse-led businesses; and more. 
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ON THIS DATE: In 1926, England’s late Queen Elizabeth II was born in London. In 1934, the “Daily Mail” printed a photograph that reportedly depicted the small head and neck of the Loch Ness monster. In 1977, “Annie,” a popular musical based on the newspaper comic strip “Little Orphan Annie,” first opened on Broadway. In 1986, journalist Geraldo Rivera opened a vault that was found in the former headquarters of Chicago gangster Al Capone. However, he and an estimated 30 million television views discovered that it was empty. In 2002, French President Jacques Chirac faced a reelection challenge from extremist Jean-Marie Le Pen in the first round of presidential voting but two weeks later defeated him to win a second term. In 2016, musician Prince—known for creating groundbreaking music that fused funk, rhythm and blue, rock and roll and pop in the 1980s and 90s – died at age 57 from an accidental overdose.
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