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August 2nd, 2022
Insight on Plan Design & Investment Strategy Every Weekday
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| ECONOMIC EVENTS |
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Construction spending during June was estimated at a seasonally adjusted annual rate of $1,762.3 billion, 1.1% below the revised May estimate of $1,781.9 billion, the Census Bureau reported. The June figure is 8.3% above the June 2021 estimate of $1,628.0 billion. During the first six months of this year, construction spending amounted to $848.2 billion, 10.7% above the $766.0 billion for the same period in 2021.
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| MARKET MIRROR |
Monday, the Dow sagged 46.73 points (0.14%) to close at 32,798.40, the Nasdaq fell 21.71 points (0.18%) to 12,368.98 and the S&P 500 slipped 11.68 points (0.28%) to close at 4,118.63. The Russell 2000 was down 1.92 points (0.10%) to 1,883.31 and the Wilshire 5000 deflated 85.48 points (0.21%) to close at 41,034.10.
The price of the 10-year Treasury note increased 27/32, bringing its yield down to 2.589%. The price of the 30-year Treasury bond increased 1 29/32, bringing its yield down to 2.924%.
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ON THIS DATE: In 1776, members of the Continental Congress began adding their signatures to the Declaration of Independence. In 1848, Amy Post, Sarah D. Fish, Sarah C. Owen and Mary H. Hallowell convened a women’s rights convention in Rochester, New York. Abigail Bush chaired the public meeting, which was a first for American women. In 1861, Congress passed the first income tax, with revenues intended for fighting the insurrection of Southern states that seceded from the United States, but the tax was never enacted. In 1921, eight Chicago White Sox players were acquitted of throwing the 1919 World Series. In 1934, with the death of German President Paul von Hindenburg, Chancellor Adolf Hitler became absolute dictator of Germany under the title of Fuhrer, or “Leader.” The Fuhrer assured his people that the Third Reich would last for a thousand years, but Nazi Germany collapsed just 11 years later. In 1942, writer Isabel Allende—the world’s most widely read Spanish-language author, who helped transform the nonfiction literary landscape and won countless awards for her works—was born. In 1945, the last wartime conference of the “Big Three”—the Soviet Union, the U.S. and Great Britain—concluded after two weeks of intense and sometimes acrimonious debate. The conference failed to settle most of the important issues at hand and thus helped set the stage for the Cold War that would begin shortly after World War II. In 1983, the House of Representatives approved a law that designated the third Monday of January as a federal holiday in honor of Dr. Martin Luther King, Jr. The law was signed by President Ronald Reagan on November 2. In 1990, Iraq invaded Kuwait, and Saddam Hussein’s subsequent refusal to withdraw his troops sparked the Persian Gulf War, in which an international force led by the U.S. quickly defeated Iraq. In 1997, writer William S. Burroughs—whose sexual explicitness and frankness with which he depicted his experiences as a drug addict won him a following among writers of the Beat movement—died at age 83.
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