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February 16th, 2024
Insight on Plan Design & Investment Strategy Every Weekday
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| ECONOMIC EVENTS |
In the week ending February 10, the advance figure for seasonally adjusted initial claims was 212,000, a decrease of 8,000 from the previous week’s revised level, the Labor Department reported. The previous week’s level was revised up by 2,000 from 218,000 to 220,000. The four-week moving average was 218,500, an increase of 5,750 from the previous week’s revised average. The previous week’s average was revised up by 500 from 212,250 to 212,750.
Interest on a 30-year fixed-rate mortgage averaged 6.77% for the week ending February 15, up from last week when it averaged 6.64%, according to Freddie Mac. A year ago at this time, the 30-year FRM averaged 6.32%. Interest on a 15-year fixed-rate mortgage averaged 6.12%, up from last week when it averaged 5.90%. A year ago at this time, the 15-year FRM averaged 5.51%.
U.S. retail and food services sales for January 2024 were $700.3 billion, down 0.8% from the previous month, the Census Bureau reported.
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| MARKET MIRROR |
Wednesday, the Dow rose 348.85 points (0.91%) to close at 38,773.12, the Nasdaq rose 47.07 points (0.30%) to close at 15,906.17 and the S&P 500 rose 29.11 points (0.58%) to close at 5,029.73. The Russell 2000 rose 49.38 points (2.45%) to close at 2,061.48, and the FT Wilshire 5000 Index rose 363.53 points (0.72%) to close at 50,721.57.
The 10-year Treasury note fell 1/32, bringing the yield to 4.227%. The 30-year Treasury bond fell 1 /32, bringing the yield to 4.412%
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PRODUCTS
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Investment Product and Service Launces
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F&G Annuities & Life launches RILA; iCapital announces tool designed to build stronger portfolios; and CAPTRUST joins list of advisories partnering with Pontera on 401(k) management tool. 
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ON THIS DATE: In 1918, the 20-member Lithuanian National Council proclaimed their country an independent state. In 1923, the burial chamber of King Tutankhamun was unsealed by British archaeologist Howard Carter; his discovery of the tomb the previous year was one of the most celebrated contributions to Egyptology. In 1937, DuPont chemist Wallace Hume Carothers patented nylon. In 1938, Austrian Chancellor Kurt von Schuschnigg admitted an Austrian Nazi to his cabinet, believed to be the first step in the German overthrow of his government. In 1945, American paratroopers landed on Corregidor Island in the Philippines during World War II, and within two weeks they recaptured it from the Japanese. In 1947, the first Knesset—in Hebrew, meaning “Assembly”—the unicameral parliament of Israel, opened in Jerusalem. In 1957, the British TV broadcasters BBC and ITV ended a post-war policy in which there was no programming between 6:00 PM and 7:00 PM; known as the “toddlers’ truce,” the break was designed to help parents put children to bed. 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. The same year, American tennis player John McEnroe was born in West Germany. In 2005, the Kyoto Protocol, an international treaty aimed at reducing the emission of gases that contribute to global warming, went into effect. The same year, the National Hockey League became the first North American professional sports league to cancel an entire season; The 2004–05 season was canceled after the collective bargaining agreement between the owners and the players’ union ran out. In 2016, Egyptian scholar and political leader Boutros Boutros-Ghali—who, as UN secretary-general (1992–96), vigorously supported UN mediation in post-Cold War strife and oversaw lengthy and difficult peacekeeping operations in several war-torn countries—died at age 93.
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