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August 11th, 2022
Insight on Plan Design & Investment Strategy Every Weekday
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| ECONOMIC EVENTS |
In July, the Consumer Price Index for All Urban Consumers was unchanged, seasonally adjusted, and rose 8.5% over the last 12 months, not seasonally adjusted, the Bureau of Labor Statistics reported. The index for all items less food and energy increased 0.3% in July and 5.9% over the year.
June sales of merchant wholesalers, except manufacturers’ sales branches and offices, after adjustment for seasonal variations and trading day differences but not for price changes, were $709.6 billion, up 1.8% from the revised May level and up 20.4% from the revised June 2021 level, according to the Census Bureau. The April 2022 to May 2022 percent change was revised from the preliminary estimate of up 0.5% to up 0.7%.
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| MARKET MIRROR |
Wednesday, the Dow increased 535.10 points (1.63%) to close at 33,309.51, the Nasdaq sagged 360.88 points (2.89%) to 12,854.81 and the S&P 500 gained 87.77 points (2.13%) to close at 4,210.24. The Russell 2000 gained 56.36 points (2.95%) to close at 1,969.25 and the Wilshire 5000 rose 959.39 points (2.33%) to 42,155.01.
The price of the 10-year Treasury note decreased 1/32, bringing the yield up to 2.789%. The price of the 30-year Treasury bond decreased 29/32, increasing the yield to 3.035%.
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UpFront
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The Benefits of S ESOPs
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When S corporation employees own their company’s stock, they tend to stay longer, work harder and save more for retirement. 
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EVENTS
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Plan Design Considerations to Boost Outcomes
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Join PLANSPONSOR for a webinar on August 18, during which industry experts and a plan sponsor will discuss what retirement plan design features have been shown to boost outcomes for participants, innovative ideas for plan design and how attention to overall financial wellness can improve retirement security for employees. Speakers will also talk about what education is needed to best set participants up for success.
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ON THIS DATE: In 1860, the first successful silver mine in America began operations in Virginia City, Nevada. In 1877, the two moons of Mars were discovered by Asaph Hall, an American astronomer. He named them Phobos and Deimos. In 1921, Alex Haley, an African American writer best known for “The Autobiography of Malcolm X” and “Roots: The Saga of an American Family,” was born in Ithaca, New York. In 1973, hip-hop was born at a birthday party in the Bronx. Like any style of music, hip-hop has roots in other forms, and its evolution was shaped by many different artists, but a case has been made that it came to life at a birthday party in the recreation room of an apartment building in the West Bronx area of New York City. In 1984, at the Olympic Games in Los Angeles, Carl Lewis became the third track-and-field athlete to win four gold medals in one Olympics, joining fellow Americans Alvin Kraenzlein (1900) and Jesse Owens (1936). In 1994, the Major League Baseball Players Association began a labor strike following the games of August 11, and the dispute eventually led to the cancellation of the remainder of the season, including the World Series. In 2002, US Airways announced that it had filed for bankruptcy. In 2014, Robin Williams, an Oscar-winning actor and comedian, died at age 63.
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