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| Market Mirror | |
The stock market broke its losing streak Monday as the Dow climbed 241.79 points (1.39%) to 17,615.17, the NASDAQ was up 58.25 points (1.16%) at 5,101.80, and the S&P 500 increased 26.58 points (1.28%) to 2,104.15. The Russell 2000 gained 15.75 points (1.30%) to finish at 1,222.65, and the Wilshire 5000 closed 279.66 points (1.28%) higher at 22,132.24.
On the NYSE, 3.2 billion shares changed hands, with advancing issues outnumbering declining issues more than 3 to 1. On the NASDAQ, 2.7 billion shares traded, with a more than 2 to 1 lead for advancers.
The price of the 10-year Treasury note was down 18/32, increasing its yield to 2.230%. The price of the 30-year Treasury bond fell 1 19/32, bringing its yield up to 2,899%. | |
| Compliance | |
| Fiduciary Rule Hearing Witnesses Divided About Impact | |
| The Department of Labor (DOL) on Monday kicked off three days of hearings on its contested fiduciary rule reform package, demonstrating just how divided the retirement plan services industry remains about the question of how to address conflicts of interest and adviser accountability. On the side of the DOL stand organizations such as the Financial Planning Coalition, which delivered testimony via Marilyn Mohrman-Gillis, CFP Board managing director of public policy and communications, and Ray Ferrara, chairman and CEO of ProVise Management Group LLC. Mohrman-Gillis and Ferrara both argued against the common industry conjecture that the new fiduciary rule, as written, would severely challenge the commission-based broker/dealer (B/D) business model and force advisers into fee-based models that may be more expensive for consumers. Read more > | |
| IRS Webcast to Reveal Compliance Unit Act | |
| The Internal Revenue Service (IRS) is inviting the public to a webcast, “Employee Plans Compliance Unit (EPCU) Updates.” In an email, the agency says, “Watch this free webcast about lessons learned from the Employee Plans Compliance Unit.” Read more > | |
| Successor Firm Liable for Pension Fund Withdrawal Payment | |
| The 7th U.S. Circuit Court of Appeals has found that the lack of a specific notice of multiemployer plan withdrawal liability and the specific amount of liability does not shield a successor employer of being responsible for the payment. In its opinion, the court noted that the general common law rule of successor liability holds that, with certain exceptions, where one company sells its assets to another, the latter is not liable for the debts and liabilities of the seller. However, it cited cases in which both the U.S. Supreme Court and the 7th Circuit have imposed liabilities on successors beyond this rule in a number of employment-related contexts. Read more > | |
| Small Talk | |
| ON THIS DATE: In 1896, Harvey Hubbell received a patent for the electric light bulb socket with a pull-chain. In 1934, the first civilian, federal prisoners classified as “most dangerous” arrived at Alcatraz Island. In 1992, in Bloomington, Minnesota, the Mall of America opened. It was the largest shopping mall in the United States. In 2014, actor and comedian Robin Williams was found dead at his home in Tiburon, California, after committing suicide. | |
| TUESDAY TRIVIA: The term “flea market” comes from the French “marché aux puces,” a name originally given to a market in Paris which specialized in shabby second-hand goods of the kind that might contain fleas. The earliest English use that the 20-volume Oxford English Dictionary has found dates from 1922. | |
| TRIVIAL PURSUITS: What was the first flea market in America? Read more > | |
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Editorial: Alison Cooke Mintzer alison.mintzer@strategic-i.com
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