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August 4th, 2022
Insight on Plan Design & Investment Strategy Every Weekday
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| ECONOMIC EVENTS |
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New orders for manufactured durable goods in June increased $5.0 billion or 1.9% to $272.6 billion, the U.S. Census Bureau announced. This increase, up eight of the last nine months, followed a 0.8% May increase. Excluding transportation, new orders increased 0.3%. Excluding defense, new orders increased 0.4%. Transportation equipment, up three consecutive months, led the increase, $4.5 billion or 5.1% to $92.7 billion.
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| MARKET MIRROR |
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Wednesday, the Dow gained 416.33 points (1.29%) to close at 32,812.50, the Nasdaq jumped 319.40 points (2.59%) to 12,668.16 and the S&P 500 increased 63.98 points (1.56%) to close at 4,155.17. The Russell 2000 was up 26.48 points (1.41%) to 1,908.93 and the Wilshire 5000 gained 664.43 points (1.63%) to close at 41,491.30. The price of the 10-year Treasury note increased 4/32 bringing its yield down to 2.705%. The price of the 30-year Treasury bond gained 1 2/32 brining its yield down to 2.947%.
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Compliance
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Recent TDF Performance Lawsuits Raise Insurer Ire
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One fiduciary insurance executive says a spate of new ERISA lawsuits ‘demonstrates that no fiduciary is safe, since one can apparently be sued just because they trailed the performance of the highest-performing funds in the market.’ 
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ON THIS DATE: In 1821, “The Saturday Evening Post” was published for the first time as a weekly. In 1922, the death of Alexander Graham Bell, two days earlier, was recognized by AT&T and the Bell Systems by shutting down all of its switchboards and switching stations. The shutdown affected 13 million phones. In 1934, Mel Ott became the first major league baseball player to score six runs in a single game. In 1944, acting on tip from an informer, the Nazi Gestapo captured 15-year-old Jewish diarist Anne Frank and her family in a sealed-off area of an Amsterdam warehouse. In 1957, Florence Chadwick set a world record by swimming the English Channel in 6 hours and 7 minutes. In 1977, President Jimmy Carter signed the measure that established the Department of Energy. In 1983, New York Yankee outfielder Dave Winfield threw a baseball during warm-ups and accidentally killed a seagull. After the game, Toronto police arrested him for “causing unnecessary suffering to an animal.” In 1984, Carl Lewis won a gold medal in the Los Angeles Olympics. In 1987, the Fairness Doctrine was rescinded by the Federal Communications Commission. The doctrine had required that radio and TV stations present controversial issues in a balanced fashion. In 1997, Teamsters began a 15-day strike against UPS (United Parcel Service). The strikers eventually won an increase in full-time positions and defeated a proposed reorganization of the company’s pension plan. In 2007, NASA’s Phoenix spacecraft was launched on a space exploration mission of Mars.
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