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August 29th, 2022
Insight on Plan Design & Investment Strategy Every Weekday
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| ECONOMIC EVENTS |
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Tuesday, the Conference Board will report the Consumer Confidence Index for August. Thursday, the Labor Department will issue its initial jobless claims report, Freddie Mac will update average mortgage rates for the week and the Census Bureau will reveal construction spending in July. Friday the Bureau of Labor Statistics will report total nonfarm payroll employment and the unemployment rate for August.
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| MARKET MIRROR |
Friday, the Dow sagged 1,008.38 points (3.03%) to close at 32,283.40, the Nasdaq lost 497.56 points (3.94%) to 12,141.71 and the S&P 500 was down 141.46 points (3.37%) to 4,057.66. The Russell 2000 slipped 64.81 points (3.30%) to 1,899.83 and the Wilshire 5000 lost 1,406.51 points (3.35%) to close at 40,598.79.
The price of the 10-year Treasury note was unchanged and the yield decreased to 3.027%. The price of the 30-year Treasury bond increased 32/32 bringing the yield down to 3.189%.
For the week ending August 26, the Dow decreased 4.22%, the Nasdaq fell 4.44%, and the S&P 500 lost 4.04%. The Russell 2000 was down 2.94%, and the Wilshire 5000 finished 3.77% lower.
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DEALS AND PEOPLE
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Retirement Industry People Moves
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Mercer enhances global investments and retirement leadership; Calvert hires executive director of engagement; HUB names new chief compliance officer; and more. 
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ON THIS DATE: In 1842 China signed the Treaty of Nanjing, providing for the cession of Hong Kong to Great Britain, the opening of five treaty ports, the rights of British nationals accused of criminal acts in China to be tried in British courts, and a limitation on duties on imports and exports. In 1949, at a remote test site at Semipalatinsk in Kazakhstan, the USSR successfully detonated its first atomic bomb. In 1982, Swedish-born actress and three-time Academy Award winner Ingrid Bergman died of cancer on her 67th birthday. In 1997, Netflix was founded by American entrepreneurs Reed Hastings and Marc Randolph; originally a video-rental company, it later expanded into video streaming and production. In 2005, Hurricane Katrina made landfall near New Orleans as a Category 3 hurricane. The storm caused extensive damage and loss of life in Louisiana and Mississippi, significant effects extended into Alabama and the western Florida panhandle. In 2008, John McCain named Sarah Palin as his running mate, which was the first time a woman appeared on the Republican presidential ticket.
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