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August 4th, 2023
Insight on Plan Design & Investment Strategy Every Weekday
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EVENTS
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PLANSPONSOR Roadmap: Come for the latest on regulations and best practices
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With the passage of the SECURE 2.0 Act of 2022 and an increased focus on participant financial wellness and retirement income, your path to optimal plan design might include a few detours and speed bumps. We’ll get you up to date on the latest regulations and industry insights on best practices. Westin Kierland Resort, Scottsdale, Arizona September 12-13. 
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| ECONOMIC EVENTS |
In the week ending July 29, the advance figure for seasonally adjusted initial claims was 227,000, an increase of 6,000 from the previous week’s unrevised level of 221,000, the Department of Labor reported. The four-week moving average was 228,250, a decrease of 5,500 from the previous week’s unrevised average of 233,750.
Interest on a 30-year fixed-rate mortgage averaged 6.90% for the week ending August 3, up from last week when it averaged 6.81%. A year ago at this time, the 30-year FRM averaged 4.99%. Interest on a 15-year fixed-rate mortgage averaged 6.25%, up from last week when it averaged 6.11%. A year ago at this time, the 15-year FRM averaged 4.26%.
New orders for manufactured goods in June, up six of the last seven months, increased $13.4 billion or 2.3% to $592.0 billion, the Census Bureau reported.
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| MARKET MIRROR |
Wednesday, the Dow fell 66.63 points (0.19%) to close at 35,215.89, the Nasdaq fell 13.73 points (0.10%) to close at 13,959.71 and the S&P 500 fell 11.50 points (0.25%) to close at 4,501.89. The Russell 2000 fell 5.43 points (0.28%) to close at 1,961.40 and the FT Wilshire 5000 Index fell 116.35 points (0.25%) to close at 45,538.36.
The price of the 10-year Treasury note fell 29/32, bringing the yield to 4.179%. The price of the 30-year Treasury bond fell 1 30/32, bringing the yield to 4.296%.
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PRODUCTS
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Investment Product and Service Launches
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Alight enhances work benefits platform; Midland updates fixed indexed annuities geared toward retirement income; Allianz launches buffered ETFs to guard against investment risk.
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ON THIS DATE: In 1790, Secretary of the Treasury Alexander Hamilton established the Revenue Marine Service, which became the U.S. Coast Guard. In 1892, Lizzie Borden’s father and stepmother were murdered in Fall River, Massachusetts; she was later tried for the crime but acquitted. In 1901, Louis Armstrong, a prolifically gifted natural musician and the leading trumpeter in jazz history, was born in New Orleans, Louisiana. In 1914, following the German invasion of Belgium, Great Britain entered World War I, declaring war on Germany. In 1936, Jesse Owens won gold in the long jump at the Summer Olympics in Berlin, Germany. It was the second of four gold medals Owens won in Berlin. In 1944, the secret annex in Amsterdam where Anne Frank and seven others were hiding was discovered by the Gestapo; all were sent to concentration camps, with only Otto Frank surviving. In 1985, Rod Carew of the California Angels got his 3,000th Major League Baseball hit. In 2007, the U.S. space probe Phoenix was launched, and a year later it landed on Mars. Among its most-important discoveries was the existence of water ice beneath the planet’s surface.
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