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August 14th, 2023
Insight on Plan Design & Investment Strategy Every Weekday
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| ECONOMIC EVENTS |
The Producer Price Index for final demand increased 0.3% in July. Prices for final demand services rose 0.5%, and the index for final demand goods edged up 0.1%. Prices for final demand advanced 0.8% for the 12 months ended in July.
Tuesday, the Census Bureau will report retail sales for July and U.S. total business inventories for June. Wednesday, the Census Bureau will report new housing starts for July. Thursday, the Department of Labor will issue its initial jobless claims report and Freddie Mac will update average mortgage rates for the week.
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| MARKET MIRROR |
Friday, the Dow rose 105.25 points (0.30%) to close at 35,281.40, the Nasdaq fell 93.14 points (0.68%) to close at 13,644.85 and the S&P 500 fell 4.78 points (0.11%) to close at 4,464.05. The Russell 2000 rose 2.49 points (0.13%) to close at 1,925.11 and the FT Wilshire 5000 Index fell 41.95 points (0.093%) to close at 45,089.77.
The price of the 10-year Treasury note fell 25/32, bringing the yield to 4.154%. The price of the 30-year Treasury bond fell 18/32, bringing the yield to 4.261%.
For the week ending August 11, the Dow rose 0.62%, the Nasdaq fell 1.90% and the S&P 500 fell 0.31%. The Russell 2000 fell 1.65%, and the FT Wilshire 5000 Index finished 0.48% lower
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DEALS AND PEOPLE
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Retirement Industry People Moves
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Principal names Goosay managing director of global fixed income; Voya Financial Promotes Thompson; RPAG appoints head of business development; and more. 
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EVENTS
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Let Your Advisers Know!
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The 2023 PLANADVISER National Conference is the place where retirement plan advisers can cultivate the skills and increase the knowledge needed in today’s retirement plan industry. They’ll learn the latest findings about behavioral psychology and why participants behave the way they do; up-to-date insights on complying with SECURE 2.0; how to protect plan sponsors from the latest litigation and regulatory threats; and more. Ask your adviser today if they’ll be attending PANC to learn how to serve you and your participants better.
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ON THIS DATE: In 1880, construction of the cathedral Kölner Dom in Cologne, Germany—the largest Gothic church in northern Europe and the city’s major landmark, started in 1248—was completed. In 1935, President Franklin D. Roosevelt signed the Social Security Act, establishing a permanent national old-age pension system through employer and employee contributions. In 1941, U.K Prime Minister Winston Churchill and President Franklin D. Roosevelt issued the Atlantic Charter, a joint declaration that stated, among other points, that they desired no territorial changes without the free assent of the peoples concerned. In 1947, Pakistan became a sovereign state, bringing an end to British rule there. In 1959, basketball player and businessman Magic Johnson, who led the National Basketball Association’s Los Angeles Lakers to five championships, was born in Lansing, Michigan. In 1971, St. Louis Cardinals ace Bob Gibson threw the only no-hitter of his Major League Baseball career. In 2016, Jamaican sprinter Usain Bolt won the 100-meters at the Rio de Janeiro Games, becoming the first person to win the event in three consecutive Olympics; he later claimed an unprecedented third straight gold medal in the 200-meters.
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