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February 10th, 2020
Insight on Plan Design & Investment Strategy Every Weekday
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Economic Events |
December 2019 sales of merchant wholesalers, except manufacturers’ sales branches and offices, after adjustment for seasonal variations and trading day differences but not for price changes, were $494.4 billion, down 0.7% from the revised November level, but up 0.5% from the revised December 2018 level, the Census Bureau reported. The October 2019 to November 2019 percent change was revised from the preliminary estimate of up 1.5% to up 0.9%.
Total nonfarm payroll employment rose by 225,000 in January, and the unemployment rate was little changed at 3.6%, according to the Bureau of Labor Statistics. Notable job gains occurred in construction, in health care, and in transportation and warehousing.
Thursday, the Labor Department will issue its initial claims report. Friday, the Census Bureau will report about retail sales for January and business sales for December.
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Market Mirror |
Friday, the Dow lost 277.26 points (0.94%) to finish at 29,102.51, the NASDAQ decreased 51.64 points (0.54%) to 9,520.51, and the S&P 500 was down 18.07 points (0.54%) at 3,327.71. The Russell 2000 fell 20.68 points (1.23%) to 1,656.78, and the Wilshire 5000 closed 184.11 points (0.54%) lower at 33,828.10.
The price of the 10-year Treasury note increased 27/32, bringing its yield down to 1.583%. The price of the 30-year Treasury bond climbed 1 28/32, decreasing its yield to 2.043%.
For the week ending February 7, the Dow increased 3.00%, the NASDAQ climbed 4.04%, and the S&P 500 gained 3.17%. The Russell 2000 was up 2.65%, and the Wilshire 5000 finished 3.01% higher.
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Deals and People
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Retirement Industry People Moves
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Senior compliance counsel joins Hall Benefits Law legal team; TRA hires MEP specialist; Morningstar acquires Hueler’s stable value database and index; and more.
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ON THIS DATE: In 1846, with their leader assassinated and their homes under attack, the Mormons of Nauvoo, Illinois, began a westward migration that eventually brought them to the valley of the Great Salt Lake in Utah. In 1870, the YWCA was founded in New York City. In 1933, the singing telegram was introduced by the Postal Telegraph Company of New York City. In 1935, the Pennsylvania Railroad began passenger service with its electric locomotive. 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 1989, Ron Brown became the first African American to head a major U.S. political party when he was elected chairman of the Democratic National Committee. In 1996, after three hours, world chess champion Garry 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.
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