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December 7th, 2020
Insight on Plan Design & Investment Strategy Every Weekday
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SPONSORED BY: PIMCO
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The Time Has Come to Build the Retirement Tier
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It’s time for defined contribution plans to create a retirement tier. Participants want control, flexibility and spending that matches income. Liquid, income-oriented strategies may best meet these preferences. 
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| Economic Events |
New orders for manufactured durable goods in October increased $3.0 billion or 1.3% to $240.8 billion, the U.S. Census Bureau announced. This increase, up six consecutive months, followed a 2.1% September increase. Excluding transportation, new orders increased 1.3%. Excluding defense, new orders increased 0.2%. Transportation equipment, up five of the last six months, led the increase, $0.9 billion or 1.2% to $77.1 billion.
Total nonfarm payroll employment rose by 245,000 in November, and the unemployment rate edged down to 6.7%, according to the Bureau of Labor Statistics. These improvements reflect the continued resumption of economic activity that had been curtailed due to COVID-19, though the pace of improvement has moderated in recent months, the agency said.
Wednesday, the Census Bureau will report about wholesale trade for October. Thursday, the Labor Department will issue its initial claims report, and the Bureau of Labor Statistics will reveal the consumer price index for November. Friday, the Bureau of Labor Statistics will reveal the producer price index for November.
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| Market Mirror |
Friday, the Dow closed 248.74 points (0.83%) higher to finish at 30,218.26, the NASDAQ was up 87.05 points (0.70%) at 12,464.23, and the S&P 500 increased 32.40 points (0.88%) to 3,699.12. The Russell 2000 climbed 56.40 points (3.07%) to 1,892.45, and the Wilshire 5000 gained 397.50 points (1.04%) to finish at 38,703.01.
The price of the 10-year Treasury note decreased 6/32, bringing its yield up to 0.970%. The price of the 30-year Treasury bond fell 1 31/32, increasing its yield to 1.738%.
For the week ending December 4, the Dow was up 1.03%, the NASDAQ climbed 2.12%, and the S&P 500 increased 1.67%. The Russell 2000 gained 2.00%, and the Wilshire 5000 finished 1.70% higher.
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Deals and People
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Retirement Industry People Moves
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Schroders adds institutional director; BPAS CEO announces retirement; Alerus to acquire Retirement Planning Services Inc.; and more. 
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ON THIS DATE: In 1787, in Dover, Delaware, the U.S. Constitution was unanimously ratified by all 30 delegates to the Delaware Constitutional Convention, making Delaware the first state of the modern United States. In 1796, John Adams was elected to be the second president of the United States. In 1836, Martin Van Buren was elected the eighth president of the United States. In 1941, Pearl Harbor, located on the Hawaiian island of Oahu was attacked by nearly 200 Japanese warplanes. The attack resulted in the U.S. entering into World War II. In 1972, Apollo 17 was launched at Cape Canaveral. It was the last U.S. moon mission. In 1996, the space shuttle Columbia returned from the longest-ever shuttle flight of 17 days, 15 hours and 54 minutes.
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