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February 2nd, 2024
Insight on Plan Design & Investment Strategy Every Weekday
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| ECONOMIC EVENTS |
In the week ending January 27, the advance figure for seasonally adjusted initial jobless claims was 224,000, an increase of 9,000 from the previous week’s revised level of 215,000, the Department of Labor reported. The four-week moving average was 207,750, an increase of 5,250 from the previous week’s revised average of 202,500.
Interest on a 30-year fixed-rate mortgage averaged 6.63% for the week ending February 1, down from last week when it averaged 6.69%, according to Freddie Mac. A year ago at this time, the 30-year FRM averaged 6.09%. Interest on a 15-year fixed-rate mortgage averaged 5.94%, down from last week when it averaged 5.96%. A year ago at this time, the 15-year FRM averaged 5.14%.
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| MARKET MIRROR |
Thursday, the Dow rose 369.54 points (0.97%) to close at 38,519.84, the Nasdaq rose 197.63 points (1.30%) to close at 15,361.64 and the S&P 500 rose 60.54 points (1.25%) to close at 4,906.19. The Russell 2000 rose 27.08 points (1.39%) to close at 1,974.42, and the FT Wilshire 5000 Index rose 609.87 points (1.25%) to close at 49,379.73.
The 10-year Treasury note increased 25/32, bringing the yield to 3.878%. The 30-year Treasury bond increased 31/32, bringing the yield to 4.121%.
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PRODUCTS
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Investment Product and Service Launches
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Nuveen collaborates with Morningstar to offer TIAA annuity; Savvy Wealth announces proprietary investment management program; Max Life launches Smart Wealth Annuity Guaranteed Pension Plan; and more. 
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ON THIS DATE: In 1887, the first Groundhog Day was held in Punxsutawney, Pennsylvania. In 1905, writer Ayn Rand, whose commercially successful novels promoting individuals and laissez-faire capitalism became influential among conservatives and libertarians, was born in St. Petersburg, Russia. In 1912, Frederick Rodman Law performed what was considered the first motion-picture stunt, parachuting from the Statue of Liberty in New York Harbor. In 1927, jazz saxophonist Stan Getz was born in Philadelphia. In 1943, the Battle of Stalingrad in World War II ended with the surrender of German troops to the Soviets. In 1971, Idi Amin declared himself president of Uganda and for the next eight years headed a regime noted for its brutality. In 1979, Sid Vicious of the Sex Pistols, early proponents of British punk rock, died of a drug overdose in New York City. In 1980, the FBI’s undercover criminal investigation known as Abscam was revealed to the public; it resulted in the convictions of various elected officials on an assortment of bribery and corruption charges. In 1990, South African President F.W. de Klerk lifted the 30-year ban on the African National Congress, resulting in the release from prison of Nelson Mandela and marking the beginning of the end of apartheid. In 2014, actor Philip Seymour Hoffman, known for his roles in films like “Capote,” “The Ides of March” and “Moneyball,” died of an overdose in New York City.
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