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| Market Mirror | |
Major U.S. stock indices followed European markets lower as worries mount over Greece’s standoff with its creditors, according to the Associated Press. The Dow lost 95.08 points (0.53%) to finish at 17,729.21, the NASDAQ decreased 18.39 points (0.39%) to 4,726.01, and the S&P 500 was down 7.85 points (0.38%) at 2,047.62. The Russell 2000 fell 9.68 points (0.80%) to 1,195.78, and the Wilshire 5000 closed 103.23 points (0.48%) lower at 21,602.52. On the NYSE, 3.2 billion shares traded, with 1.3 declining issues for every advancing issue. On the NASDAQ, 1.7 billion shares changed hands, with a 1.6 to 1 ratio of decliners to advancers. The price of the 10-year Treasury note slipped, bringing its yield up to 1.959%. The price of the 30-year Treasury bond was down 7/32, increasing its yield to 2.538%. | |
| Compliance | |
| AEGON Sued Over Management of Its Retirement Plan | |
| A participant in the AEGON Companies Profit Sharing Plan has sued AEGON USA, some of its subsidiaries and trustees of the plan, alleging they violated the Employee Retirement Income Security Act’s (ERISA) requirement to act for the best interest of plan participants. The complaint says the defendants burdened the plan with layers of superfluous fees; the plan pays fees higher than its peers; and the fees go mostly to AEGON, which serves as recordkeeper and investment manager for the plan through its affiliates Transamerica Asset Management, Transamerica Financial Life Insurance Company, and Diversified Retirement Corporation, now rebranded as Transamerica Retirement Solutions.Read more > | |
| Investing | |
| The median return for plans in the Wilshire Trust Universe Comparison Service (TUCS) was 6% in 2014—making it the sixth consecutive year of positive returns. All plan types had a median return of 1.70% in the fourth quarter of 2014. Robert J. Waid, managing director at Wilshire Associates, said, “Similar to 2013, U.S. Equities trumped all other asset classes in the 2014 fourth quarter and full year. The exception for 2014 was the U.S. real estate asset class, with the Wilshire U.S. RESI gaining 15.05% and 31.53% for the quarter and year, respectively. The Wilshire 5000 Total Market Index was up 5.26% and 12.74%, respectively, during the fourth quarter and in 2014.”Read more > | |
| Small Talk | |
ON THIS DATE: In 1763, the Seven Years’ War, a global conflict known in America as the French and Indian War, ended with the signing of the Treaty of Paris by France, Great Britain, and Spain. In 1863, the fire extinguisher was patented by Alanson Crane. In 1870, the YWCA was founded in New York City. In 1957, Laura Ingalls Wilder, author of the best-selling “Little House” series of children’s novels based on her childhood on the American frontier, died at age 90 in Mansfield, Missouri. In 1967, the 25th Amendment to the U.S. Constitution was ratified. The amendment required the appointment of a vice-president when that office became vacant and instituted new measures in the event of presidential disability. In 1996, after three hours, world chess champion Gary Kasparov lost the first game of a six-game match against Deep Blue, an IBM computer capable of evaluating 200 million moves per second. In 2014, Shirley Temple Black, who as a child in the 1930s became one of Hollywood’s most successful stars, died at her Woodside, California, home at age 85.
TUESDAY TRIVIA: The Sweethearts valentine candies with messages on them have about 80 different sayings each year. A marketing director for the candy-maker NECCO told TIME magazine in 2011 that the company tries to have about 20 new sayings each year, and one of the most popular sayings that will never go away is “Marry Me.” The company gets requests for those all the time. | |
| TRIVIAL PURSUITS: How was Saran wrap invented/discovered?Read more > | |
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Editorial: Alison Cooke Mintzer alison.mintzer@strategic-i.com
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