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August 28th, 2020
Insight on Plan Design & Investment Strategy Every Weekday
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Administration
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Tremendous Promise Foreseen for PEPs
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Many retirement plan experts say they think the pooled employer plans authorized under the SECURE Act will open more doors for small businesses. 
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| Economic Events |
Interest on a 30-year fixed-rate mortgage averaged 2.91% for the week ending August 27, down from last week when it averaged 2.99%, according to Freddie Mac. A year ago at this time, the 30-year FRM averaged 3.58%. Interest on a 15-year fixed-rate mortgage averaged 2.46%, down from last week when it averaged 2.54%. A year ago at this time, the 15-year FRM averaged 3.06%.
In the week ending August 22, the advance figure for seasonally adjusted initial claims for unemployment insurance was 1,006,000, a decrease of 98,000 from the previous week’s revised level of 1,104,000, the Labor Department reported. The four-week moving average was 1,068,000, a decrease of 107,250 from the previous week’s revised average of 1,175,250.
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| Market Mirror |
Thursday, the Dow climbed 160.35 points (0.57%) to 28,492.27, the NASDAQ closed 39.72 points (0.34%) lower at 11,625.34, and the S&P 500 increased 5.82 points (0.17%) to 3,484.55. The Russell 2000 was up 4.37 points (0.28%) at 1,564.56, and the Wilshire 5000 gained 72.46 points (0.20%) to finish at 35,585.41.
The price of the 10-year Treasury note decreased 27/32, bringing its yield up to 0.748%. The price of the 30-year Treasury bond fell 2 0/32, increasing its yield to 1.503%.
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ON THIS DATE: In 1907, “American Messenger Company” was started by two teenagers, Jim Casey and Claude Ryan. The company’s name was later changed to “United Parcel Service.” In 1963, on the steps of the Lincoln Memorial in Washington, D.C., Martin Luther King, Jr. delivered his “I Have a Dream” speech at the March on Washington for Jobs and Freedom. In 1968, at the Democratic National Convention in Chicago, thousands of Vietnam War protesters battled police in the streets. In 1972, swimmer Mark Spitz captured the first of his seven gold medals at the Summer Olympics in Munich, Germany. He set a world record when he completed the 200-meter butterfly in 2 minutes and 7/10ths of a second. In 2004, George Brunstad, at age 70, became the oldest person to swim the English Channel. The swim from Dover, England, to Sangatte, France, took 15 hours and 59 minutes.
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