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December 19th, 2024
Insight on Plan Design & Investment Strategy Every Weekday
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| ECONOMIC EVENTS |
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The Federal Reserve Open Market Committee decided to lower the target range for the federal funds rate by 0.25 percentage point to a range of 4.25% to 4.5%.
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| MARKET MIRROR |
Wednesday, the Dow fell 1,123.03 points (2.58%) to close at 42,326.87, the Nasdaq fell 716.37 points (3.56%) to close at 19,392.69 and the S&P 500 fell 178.45 points (2.95%) to close at 5,872.16. The Russell 2000 fell 102.57 points (4.39%) to close at 2,231.51, and the FT Wilshire 5000 Index fell 1,914.76 points (3.15%) to close at 58,910.09.
The 10-year Treasury note decreased 31/32, bringing the yield to 4.519%. The 30-year Treasury bond decreased 1 27/32, bringing the yield to 4.690%.
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Awards
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Looking for Sponsors of Government DC and DB Plans!
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In addition to corporate and nonprofit defined contribution and defined benefit plan sponsors, the PLANSPONSOR Plan Sponsor of the Year awards recognize the outstanding efforts of sponsors of public/government retirement plans to ensure financial security for employees. If you are or know of a great governmental plan sponsor, fill out our short nomination form today... 
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UPFRONT
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‘The U.S. Still Needs Pensions’
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The continuing decline in the number and quality of defined benefit pension plans in the U.S. is not only disproportionately hurting lower-income employees but also stunting U.S. economic growth, says a recent study from the National Conference on Public Employee Retirement Systems.
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ON THIS DATE: In 1915, French singer and actress Edith Piaf, whose interpretation of the French ballad made her internationally famous, was born. In 1946, the Viet Minh, founded by Vietnamese nationalist Ho Chi Minh, began the First Indochina War against France. In 1966, the United Nations General Assembly endorsed the Outer Space Treaty, an international treaty binding the parties to use outer space only for peaceful purposes. In 1974, Nelson Aldrich Rockefeller was sworn in as the 41st vice president of the U.S., succeeding Gerald Ford, who had been elevated to the presidency following the resignation of Richard Nixon. In 1997, James Cameron’s “Titanic,” a drama about the doomed ocean liner starring Leonard DiCaprio and Kate Winslet, premiered; it later became one of the highest-grossing movies of all time. In 1998, the U.S. House of Representatives impeached President Bill Clinton, charging him with perjury and obstruction of justice, though Clinton was acquitted by the Senate the following month. In 2012, Park Geun-Hye became the first female to be elected president of South Korea; she was sworn into office the following year; however, she also became the country’s first democratically elected president to be removed from office when she was impeached in 2017.
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