| | Products, Deals and People | | HSA Bank Shares Brief About Cadillac Tax | | The brief includes things employers should watch for in the coming months.Read more > | | | Market Mirror | Major U.S. stock market indices posted solid gains, led by a jump in health care and energy companies, the Associated Press reports. The Dow gained 112.73 points (0.64%) to finish at 17,716.05, the NASDAQ closed 76.78 points (1.59%) higher at 4,920.72, and the S&P 500 increased 21.52 points (1.05%) to 2,066.69. The Russell 2000 was up 12.96 points (1.18%) at 1,108.81, and the Wilshire 5000 climbed 215.76 points (1.03%) to 21,264.28.
On the NYSE, 3.2 billion shares traded, with advancing issues outnumbering declining issues 3 to 1. On the NASDAQ, 2.7 billion shares changed hands, with a more than 2 to 1 lead for advancers.
The price of the 10-year Treasury note was down 10/32, increasing its yield to 1.757%. The price of the 30-year Treasury bond decreased 24/32, bringing its yield up to 2.581%. | | | Compliance | | Initial Reaction to Fiduciary Rule Mostly Positive | | The Department of Labor (DOL) has finally issued its final fiduciary rule (or what it calls the conflict-of-interest rule), and comments from consumer and financial industry groups have been pouring in. While most are still digging into the details of the final rule, the initial response has been mostly positive. The final rule includes changes the DOL said were in response to industry concerns. However, concerns still linger for some groups.Read more > | | Service Providers Start Final Fiduciary Rule Analysis | | It will be some time still before the fiduciary rule language is fully digested by retirement plan service providers, but first-impression commentary is already being expressed. Among the first comments to reach PLANSPONSOR was one from the Financial Services Institute, which clearly is in the skeptical camp.Read more > | | | Small Talk | | ON THIS DATE: In 1712, a slave revolt broke out in New York City. In 1798, the territory of Mississippi was organized. In 1862, Union General Ulysses S. Grant defeated Confederates at the Battle of Shiloh, Tennessee. In 1888, P.F. Collier published a weekly periodical for the first time under the name “Collier’s.” In 1933, Prohibition ended in the United States. In 1948, the musical “South Pacific” by Rogers and Hammerstein debuted on Broadway. In 1948, the United Nations’ World Health Organization began operations. In 1953, IBM unveiled the IBM 701 Electronic Data Processing Machine. It was IBM’s first commercially available scientific computer. In 1957, the last of New York City’s electric trolleys completed its final run from Queens to Manhattan. In 1963, at the age of 23, Jack Nicklaus became the youngest golfer to win the Green Jacket at the Masters Tournament. In 1970, John Wayne won his first and only Oscar for his role in “True Grit.” In 2000, U.S. President Bill Clinton signed the Senior Citizens Freedom to Work Act of 2000. The bill reversed a Depression-era law and allows senior citizens to earn money without losing Social Security retirement benefits. | | SURVEY SAYS: Investing in products based on environmental, social and governance (ESG) factors has been called socially responsible investing, sustainable investing, and most recently coined by the Department of Labor (DOL), economically targeted investing (ETI). This week, I’d like to know, do you wish to invest in socially conscious investments, and would you rather do so independently or within your employer-sponsored retirement plan? How do you feel in general about retirement plans using ESG screening for investments? You may respond to the survey by 6 p.m. Pacific time today.Read more > | | Share the good news with a friend! Pass the NewsDash along—and tell your friends/associates they can sign up for their own copy.Read more > |
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