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December 23rd, 2024
Insight on Plan Design & Investment Strategy Every Weekday
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AWARDS
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Plan Sponsor of the Year Nominations Due December 31!
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If you are or if you know about a retirement plan sponsor that is going above and beyond to ensure employee financial and retirement security, nominate them today for the 2025 PLANSPONSOR Plan Sponsor of the Year awards. Categories include Government Defined Contribution, Corporate DC, Nonprofit DC, Government Defined Benefit, Corporate or Nonprofit DB, Total Retirement Offering, Other DC Plans. 
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| ECONOMIC EVENTS |
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Thursday, the Department of Labor will issue its initial jobless claims report, and Freddie Mac will update average mortgage rates for the week.
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| MARKET MIRROR |
Friday, the Dow rose 498.02 points (1.18%) to close at 42,840.26, the Nasdaq rose 199.83 points (1.03%) to close at 19,572.60 and the S&P 500 rose 63.77 points (1.09%) to close at 5,930.84. The Russell 2000 rose 20.87 points (0.94%) to close at 2,242.37, and the FT Wilshire 5000 Index rose 652.63 points (1.11%) to close at 59,494.13.
The 10-year Treasury note increased 4/32, bringing the yield to 4.521%. The 30-year Treasury bond increased 3/32, bringing the yield to 4.721%.
In the week ending December 20, the Dow fell 2.25%, the Nasdaq fell 1.78% and the S&P 500 fell 1.99%. The Russell 2000 lost 4.45%, and the FT Wilshire 5000 Index finished 2.27% lower.
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DEALS AND PEOPLE
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Retirement Industry People Moves
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The Standard names PEP sales director for retirement plans; Lincoln Financial names an industry veteran as VP of investment distribution and new hires to its retirement plan services team.
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ON THIS DATE: In 1913, with the signing of the Federal Reserve Act by President Woodrow Wilson, the Federal Reserve System came into being. In 1941, early in World War II, invading Japanese forces defeated U.S. troops at the Battle of Wake Island. In 1968, eighty-two crewmen of the USS Pueblo were released after being held in captivity for 11 months by North Korea, which claimed the U.S. Navy intelligence ship had crossed into its waters. In 1972, football running back Franco Harris of the Pittsburgh Steelers made “the Immaculate Reception,” a dramatic catch that is regarded as one of the most famous plays in NFL history. In 1995, Aleksander Kwasniewski, formerly an apparatchik of Poland’s ruling communist party, was sworn in as the country’s president, having narrowly defeated Lech Walesa, Poland’s first post-communist president. In 2001, Argentina announced the suspension of payments on its external debt—the biggest debt default in history to date. In 2013, Russian weapons designer Mikhail Kalashnikov—who invented the AK-47, an assault rifle that became one of the most successful and ubiquitous firearms of the modern era—died in Izhevsk, Russia.
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