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February 14th, 2022
Insight on Plan Design & Investment Strategy Every Weekday
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Deals and People
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Retirement Industry People Moves
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J.P. Morgan announces insurance and annuities head; Verity Asset Management names chief governance officer; River and Mercantile consulting business announces rebrand; and more. 
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| Economic Events |
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Tomorrow, the Bureau of Labor Statistics will reveal the producer price index for January. Wednesday, the Census Bureau will report about retail sales for January and business trade for December. Thursday, the Labor Department will issue its initial claims report, Freddie Mac will update average mortgage rates for the week, and the Census Bureau will report about housing starts for January. Friday, the National Association of Realtors will issue its report of existing home sales for January.
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| Market Mirror |
Friday, the Dow lost 503.53 points (1.43%) to finish at 34,738.06, the Nasdaq closed 394.49 points (2.78%) lower at 13,791.15, and the S&P 500 decreased 85.44 points (1.90%) to 4,418.64. The Russell 2000 was down 21.02 points (1.02%) at 2,030.15, and the Wilshire 5000 fell 857.91 points (1.88%) to 44,660.30.
The price of the 10-year Treasury note increased 32/32, bringing its yield down to 1.921%. The price of the 30-year Treasury bond climbed 1 8/32, decreasing its yield to 2.233%.
For the week ending February 11, the Dow was down 1.00%, the Nasdaq fell 2.18%, and the S&P 500 lost 1.82%. The Russell 2000 finished 1.39% higher, and the Wilshire 5000 decreased 1.29%.
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Investing
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Fiduciary Diligence Demanded as CITs Shine
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A significant regulatory concern is that banks should not simply “rent their charters” to third-party registered investment advisers seeking to use the bank’s status as a fiduciary to sponsor one or more funds on their behalf.
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ON THIS DATE: In 1779, Captain James Cook, the great English explorer and navigator, was killed by natives of Hawaii during his third visit to the Pacific island group. In 1849, the first photograph of a U.S. President, while in office, was taken by Matthew Brady in New York City. President James Polk was the subject of the picture. In 1859, Oregon became the 33rd member of the Union. In 1899, Congress approved voting machines for use in federal elections. In 1903, the U.S. Department of Commerce and Labor was established. In 1912, Arizona was admitted as the 48th U.S. state. In 1920, the League of Women Voters was founded in Chicago. The first president of the organization was Maude Wood Park. In 1946, ENIAC (Electronic Numerical Integrator and Computer) was unveiled. The device, built at the University of Pennsylvania, was the world’s first general purpose electronic computer. In 1966, Wilt Chamberlain of the Philadelphia 76ers set a National Basketball Association (NBA) record as he reached a career high of 20,884 points after seven seasons. In 2005, the video-sharing website YouTube was activated.
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