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August 25th, 2023
Insight on Plan Design & Investment Strategy Every Weekday
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| ECONOMIC EVENTS |
In the week ending August 19, the advance figure for seasonally adjusted initial claims was 230,000, a decrease of 10,000 from the previous week’s revised level of 240,000, the Department of Labor reported. The four-week moving average was 236,750, an increase of 2,250 from the previous week’s revised average of 234,500.
Interest on a 30-year fixed-rate mortgage averaged 7.23% for the week ending August 24, up from last week when it averaged 7.09%, according to Freddie Mac. A year ago at this time, the 30-year FRM averaged 5.55%. Interest on a 15-year fixed-rate mortgage averaged 6.55%, up from last week when it averaged 6.46%. A year ago at this time, the 15-year FRM averaged 4.85%.
New orders for manufactured durable goods in July, down following four consecutive monthly increases, decreased $15.5 billion or 5.2% to $285.9 billion, the U.S. Census Bureau announced. This followed a 4.4% June increase. Excluding transportation, new orders increased 0.5%. Excluding defense, new orders decreased 5.4%. Transportation equipment, also down following four consecutive monthly increases, drove the decrease, $16.4 billion or 14.3% to $98.7 billion.
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| MARKET MIRROR |
Thursday, the Dow fell 373.56 points (1.08%) to close at 34,099.42, the Nasdaq fell 257.06 points (1.87%) to close at 13,463.97 and the S&P 500 fell 59.70 points (1.35%) to close at 4,376.31. The Russell 2000 lost 23.75 points (1.27%) to close at 1,846.28, and the FT Wilshire 5000 Index lost 604.32 points (1.35%) to close at 44,104.98.
The 10-year Treasury note decreased 4/32, bringing the yield to 4.241%. The 30-year Treasury bond decreased 28/32, bringing the yield to 4.306%.
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SPECIAL COVERAGE
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DC Investment Menu
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How are plan sponsors evaluating the options for inclusion in defined contribution plan investment lineups? 
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ON THIS DATE: In 1916, U.S. President Woodrow Wilson signed the “Organic Act,” which established the National Park Service. In 1930, British actor Sean Connery, who was the first actor to portray fictional secret agent James Bond on film, was born in Edinburgh, Scotland. In 1944, two months after the Allied invasion of Normandy, Paris was liberated from German occupiers as the Free French 2nd Armored Division under General Jacques-Philippe Leclerc entered the city. In 1945, John Birch, an American Baptist missionary and U.S. Army intelligence officer, was killed by Chinese communists, which later inspired the foundation of the John Birch Society – a private organization that considered Birch to be the first hero of the Cold War. In 2009, politician Ted Kennedy, who was a prominent figure in the Democratic Party and the last surviving brother of President John F. Kennedy, died at age 77. In 2012, U.S. astronaut Neil Armstrong – who was the first person to set foot on the Moon – died at age 82. In 2018, politician John McCain – who served two terms in the U.S. House of Representatives and 31 years as a U.S., senator, lost to Barack Obama in the 2008 presidential election– died at age 81.
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