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April 6th, 2020
Insight on Plan Design & Investment Strategy Every Weekday
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| Economic Events |
Total nonfarm payroll employment fell by 701,000 in March, and the unemployment rate rose to 4.4%, the Bureau of Labor Statistics (BLS) reported. These changes reflect the effects of the coronavirus (COVID-19) and efforts to contain it, it said. Employment in leisure and hospitality fell sharply, with smaller job losses in other industries.
Thursday, the Labor Department will issue its initial claims report, the BLS will reveal the producer price index for March, and the Census Bureau will report about wholesale trade for February. Friday, the BLS will reveal the consumer price index for March.
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| Market Mirror |
Friday, the Dow closed 360.91 points (1.69%) lower at 21,052.53, the NASDAQ decreased 114.23 points (1.53%) to 7,373.08, and the S&P 500 was down 38.25 points (1.51%) at 2,488.65. The Russell 2000 fell 33.76 points (3.11%) to 1,052.05, and the Wilshire 5000 lost 462.99 points (1.84%) to finish at 24,736.65.
The price of the 10-year Treasury note was down 1/32, increasing its yield to 0.603%. The price of the 30-year Treasury bond increased 28/32, bringing its yield down to 1.224%.
For the week ending April 3, the Dow finished 2.70% lower, the NASDAQ was down 1.72%, and the S&P 500 decreased 2.08%. The Russell 2000 fell 7.06%, and the Wilshire 5000 lost 3.00%.
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ON THIS DATE: In 1789, the first U.S. Congress began regular sessions at the Federal Hall in New York City. In 1841, John Tyler was sworn in as president. Tyler was elected as William Harrison’s vice president earlier in the year and was suddenly thrust into the role of president when Harrison died one month into office. In 1896, the Olympic Games, a long-lost tradition of ancient Greece, were reborn in Athens 1,500 years after being banned by Roman Emperor Theodosius I. In 1917, the United States officially entered World War I. In 1927, William P. MacCracken, Jr. earned license number ‘1’ when the Department of Commerce issued the first aviator’s license. In 1965, President Lyndon B. Johnson authorized the use of ground troops in combat operations in Vietnam. In 1987, Sugar Ray Leonard took the middleweight title from Marvin Hagler. In 1998, Citicorp and Travelers Group announced that they would be merging. The new creation was the largest financial-services conglomerate in the world. The name would become Citigroup.
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