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August 15th, 2022
Insight on Plan Design & Investment Strategy Every Weekday
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| ECONOMIC EVENTS |
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Tuesday, the Census Bureau will report about new housing starts for July. Wednesday, the Census Bureau will reveal retail sales for July and total business inventories for June. Thursday, the Labor Department will issue its initial claims report, Freddie Mac will update average mortgage rates for the week, and the National Association of Realtors will report existing home sales for July.
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| MARKET MIRROR |
Friday, the Dow gained 424.38 points (1.27%) to close at 33,761.05, the Nasdaq soared 267.27 points (2.09%) to 13,047.19 and the S&P 500 extended 72.69 points (1.73%) to close at 4,279.96. The Russell 2000 spiked 41.36 points (2.09%) to 20,016.62 and the Wilshire 5000 boosted 716.82 points (1.70%) to 42,843.24.
The price of the 10-year Treasury note increased 26/32 lowering the yield down to 2.842%. The price of the 30-year Treasury bond increased 12/32 lowering the yield down to 3.110%.
For the week ending August 12, the Dow increased 2.92%, the Nasdaq gained 3.08%, and the S&P 500 won 3.08%. The Russell 2000 spiked 4.93% and the Wilshire 5000 finished 3.39% higher.
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DEALS AND PEOPLE
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Retirement Industry People Moves
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Nuveen hires new head of responsible investing strategy, Solutions; Macquarie Expands its Transition Management Franchise; Calvert Institutional Solutions Group Names New Managing Director; and more. 
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ON THIS DATE: In 1848, the dental chair was patented by M. Waldo Hanchett. In 1877, Thomas Edison wrote a letter to the president of the Telegraph Company in Pittsburgh stating that the word “hello” would be a more appropriate greeting than “ahoy” when answering the telephone. In 1899, in Detroit, Henry Ford resigned from his position as chief engineer at the Edison Illuminating Company’s main plant to concentrate on automobile production. In 1914, after some 10 years of work, the Panama Canal opened to ships. In 1938, Congresswoman Maxine Waters, D-California, was born. Before becoming a U.S. Representative, Waters served in the California State Assembly, to which she was first elected in 1976, where she advocated divestment from South Africa’s apartheid regime. In 1945, Emperor Hirohito announced Japan’s surrender to Allied forces in World War II. In 1961, two days after sealing off free passage between East and West Berlin with barbed wire, East German authorities began building a wall to permanently close off access to the West. For 28 years, the fortified Berlin Wall stood as a barrier during the Cold War that divided Europe. In 1969, the Woodstock music festival opened on a patch of farmland in the upstate New York town of Bethel. In 2001, astronomers announced the discovery of the first solar system outside our own: two planets orbiting a star in the Big Dipper.
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