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February 16th, 2023
Insight on Plan Design & Investment Strategy Every Weekday
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| ECONOMIC EVENTS |
Advance estimates of retail and food services sales for January 2023, adjusted for seasonal variation and holiday and trading-day differences, but not for price changes, were $697.0 billion, up 3.0% from the previous month, and up 6.4% above January 2022, the Census Bureau reported. Total sales for the November 2022 through January 2023 period were up 6.1% from the same period a year ago. The November 2022 to December 2022 percent change was unrevised at down 1.1%.
U.S. total business end-of-month inventories for December 2022 were $2,483.5 billion, up 0.3% from November, the Census Bureau reported. Total business sales were $1,819.0 billion, down 0.6% from last month.
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| MARKET MIRROR |
Wednesday, the Dow increased 38.78 points (0.11%) to close at 34,128.05, the Nasdaq increased 110.45 points (0.92%) to close at 12,070.59 and the S&P 500 gained 11.47 points (0.28%) to close at 4,147.60. The Russell 2000 increased 21.06 points (1.09%) to close at 1,960.97 and the Wilshire 5000 gained 197.44 points (0.48%) to close at 41,490.02.
The price of the 10-year Treasury note increased 1/32, bringing the yield to 3.807%. The price of the 30-year Treasury bond increased 1/32, bringing the yield to 3.841%.
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EVENTS
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Register to Attend Our Virtual DB Summit
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The DB Summit is designed to help plan sponsors that have or are considering adding a DB plan make the important decisions. Discussions and presentations on March 8 and 9 will focus on whether the future environment is conducive to more pension risk transfers, to keeping plans active or to reopening closed plans, as well as what investing strategies can help plan sponsors reach their plan goals. Join us as we explore the prospective role of DB plans in American’s retirement security. 
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ON THIS DATE: In 1918, a 20-member council of Lithuanian delegates proclaimed their country an independent state from Russia. In 1923, the burial chamber of King Tutankhamun was unsealed by British archaeologist Howard Carter; he discovered the tomb the previous year. In 1959, after defeating the forces of dictator General Fulgencio Batista, Fidel Castro became premier of Cuba and transformed the island country into the Western Hemisphere’s first communist state. In 1968, the first 9-1-1 call for emergency assistance in the United States was made. In 1984, Bill Johnson became the first American man to win an Olympic gold medal in downhill skiing, a sport long dominated by European athletes. In 2005, the Kyoto Protocol, an international treaty aimed at reducing the emission of gases that contribute to climate change, went into effect.
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