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December 4th, 2023
Insight on Plan Design & Investment Strategy Every Weekday
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| ECONOMIC EVENTS |
Construction spending during October 2023 was estimated at a seasonally adjusted annual rate of $2,027.1 billion, 0.6% above the revised September estimate of $2,014.7 billion, the Census Bureau reported. The October figure is 10.7% above the October 2022 estimate of $1,830.5 billion. During the first 10 months of this year, construction spending amounted to $1,646.0 billion, 5.6% above the $1,559.1 billion for the same period in 2022.
Monday, the Census Bureau will report factory orders for October. Thursday, the Census Bureau will issue its initial jobless claims report and U.S. total business end-of-month inventories for October, and Freddie Mac will update average mortgage rates for the week. Friday, the Bureau of Labor Statistics will report the unemployment rate for November.
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| MARKET MIRROR |
Friday, the Dow rose 294.61 points (0.82%) to close at 36,245.50, the Nasdaq rose 78.81 points (0.55%) to close at 14,305.03 and the S&P 500 rose 26.83 points (0.59%) to close at 4,594.63. The Russell 2000 rose 53.62 points (2.96%) to close at 1,862.64, and the FT Wilshire 5000 Index rose 394.52 points (0.86%) to close at 46,295.42.
The 10-year Treasury note rose 32/32, bringing the yield to 4.205%. The 30-year Treasury bond rose 1 8/32, bringing the yield to 4.388%.
For the week ending December 1, the Dow rose 2.42%, the Nasdaq rose 0.38% and the S&P 500 rose 0.77%. The Russell 2000 rose 3.05%, and the FT Wilshire 5000 Index finished 1.18% higher.
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DEALS AND PEOPLE
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Retirement Industry People Moves
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Principal promotes Branham to national retirement investment director; Spouting Rock hires chief client officer; Natixis bolsters retirement product sales; and more. 
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AWARDS
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Help Your Plan Adviser Get Recognized
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Don’t miss your chance to nominate your plan adviser for the 2024 Retirement Plan Adviser of the Year awards. Nominations for the Plan Sponsor Service, Plan Participant Service and 403(b) Plan Service categories can only come from plan sponsor clients, so we need your help in identifying the best in the business. The nomination deadline has been extended to December 8. Nominate your adviser today!
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ON THIS DATE: In 1892, Francisco Franco, who later led Nationalist forces in the Spanish Civil War and was dictator of Spain for more than 35 years until his death, was born. In 1909, the Grey Cup was first awarded, as the Toronto Varsity Blues defeated the Toronto Parkdale team in Canada’s amateur gridiron football championship game. In 1918, President Woodrow Wilson departed for France to attend the Paris Peace Conference, where, following the cessation of hostilities in World War I, the League of Nations was established and the Treaty of Versailles was drafted. In 1949, Jeff Bridges—an actor known for his laid-back personality and his versatility—was born. In 1969, civil rights leader Fred Hampton, a charismatic member of the Black Panthers, was shot and killed during a police raid in Chicago; his death caused public outrage, and the ensuing investigations brought greater scrutiny of the FBI’s attempts to dismantle the Panthers and other Black organizations. In 1970, rapper and entrepreneur Jay-Z, one of the most influential figures in hip-hop in the 1990s and early 2000s, was born. In 1980, several months after the death of drummer John Bonham, the British rock band Led Zeppelin announced that it was officially disbanding; the group later re-formed for short one-off performances on several occasions. In 1996, the unmanned space vehicle Mars Pathfinder was launched from Cape Canaveral, Florida, in order to explore the surface of Mars. In 1997, the National Basketball Association suspended Latrell Sprewell, three-time All Star point guard for the Golden State Warriors, for one year after he attacked Warriors’ coach P.J. Carlesimo. In 2000, Surinamese politician Henck Arron, who helped Suriname gain its independence from the Netherlands and served as prime minister until being overthrown by the military, died at age 64.
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