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April 5th, 2024
Insight on Plan Design & Investment Strategy Every Weekday
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| ECONOMIC EVENTS |
In the week ending March 30, the advance figure for seasonally adjusted initial claims was 221,000, an increase of 9,000 from the previous week’s revised level of 212,000. The four-week moving average was 214,250, an increase of 2,750 from the previous week’s revised average of 211,500.
Interest on a 30-year fixed-rate mortgage averaged 6.82% for the week ending April 4, up from last week when it averaged 6.79%, according to Freddie Mac. A year ago at this time, the 30-year FRM averaged 6.28%. Interest on a 15-year fixed-rate mortgage averaged 6.06%, down from last week when it averaged 6.11%. A year ago at this time, the 15-year FRM averaged 5.64%.
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| MARKET MIRROR |
Thursday, the Dow fell 530.16 points (1.36%) to close at 38,596.98, the Nasdaq fell 228.38 points (1.40%) to close at 16,049.08 and the S&P 500 fell 64.28 points (1.23%) to close at 5,147.21. The Russell 2000 lost 22.38 points (1.08%) to close at 2,053.83, and the FT Wilshire 5000 Index lost 632.34 points (1.21%) to close at 51,781.26.
The 10-year Treasury note increased 3/32, bringing the yield to 4.317%. The 30-year Treasury bond increased 27/32, bringing the yield to 4.476%.
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PRODUCTS
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Product and Service Launches
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Voya adds bereavement, NQDC benefit services; Fidelity Investments bolsters financial education; BNY Mellon’s Pershing taps fintech provider to assist annuity process; and more. 
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ON THIS DATE: In 1818, Chile’s independence movement, led by José de San Martín and Bernardo O’Higgins, won a decisive victory over Spain in the Battle of Maipu, which left 2,000 Spaniards and 1,000 Chileans dead. In 1856, educator and reformer Booker T. Washington, the first president and principal developer of Tuskegee Normal and Industrial Institute (now Tuskegee University), was born in Virginia. In 1951, Julius Rosenberg and Ethel Rosenberg were sentenced to death for espionage; two years later, they became the first American civilians executed for that crime. In 1984, Kareem Abdul-Jabbar surpassed Wilt Chamberlain as the all-time leading scorer in the National Basketball Association. In 1994, grunge rocker Kurt Cobain, leader of the band Nirvana, died by suicide at age 27. In 2000, Mori Yoshiro of the Liberal-Democratic Party became prime minister of Japan, replacing Obuchi Keizo, who had suffered a stroke earlier in the month and subsequently died. In 2008, actor Charlton Heston—best known for films like “Ben-Hur,” “The Ten Commandments” and “Planet of the Apes”—died at the age of 84.
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