| | Lawmakers Pass Resolutions to Stop DOL Rule on State-Run Plans | | The U.S. House of Representatives has passed two resolutions introduced last week by lawmakers that would block regulations issued by the Department of Labor (DOL) regarding the set-up of state- and municipal-run retirement plans for private-sector employees. John Scott, director of retirement savings at Pew Charitable Trusts, who is based in Washington, D.C., tells PLANSPONSOR the resolutions would still have to be passed by the U.S. Senate and signed by President Donald Trump in order for the DOL regulations to be halted. So, as of right now, it is not affecting states in the process of implementing laws or the program launched this year by the state of Washington.Read more > | | | Products, Deals and People | | Retirement Industry People Moves | | OneAmerica appoints president of Retirement Services; ICMA-RC hires managing vice president of investments; O’Neil Digital Solutions expands DC plan communications; and more.Read more > | | | Economic Events | | THE ECONOMIC WEEK AHEAD: Tomorrow, the National Association of Realtors will report about existing home sales in January. Thursday, the Labor Department will issue its initial claims report, and Friday, the Census Bureau will report about new home sales in January. | | | Market Mirror | Friday, the Dow was up 4.28 points (0.02%) at 20,624.05, the NASDAQ gained 23.68 points (0.41%) to finish at 5,838.58, and the S&P 500 increased 3.94 points (0.17%) to 2,351.16. The Russell 2000 was virtually unchanged at 1,399.86, and the Wilshire 5000 closed 36.13 points (0.15%) higher at 24,571.56.
On the NYSE, 3.1 billion shares changed hands, and on the NASDAQ, 3.0 billion shares traded, with a slight lead for advancers on both exchanges.
The price of the 10-year Treasury note was up 8/32, decreasing its yield to 2.422%. The price of the 30-year Treasury bond increased 14/32, bringing its yield down to 3.026%.
WEEK’S WORTH: For the week ending February 17, the Dow gained 1.75%, the NASDAQ climbed 1.82%, and the S&P 500 finished 1.51% higher. The Russell 2000 was up 0.79%, and the Wilshire 5000 increased 1.33%. | | | Small Talk | | ON THIS DATE: In 1842, John J. Greenough patented the sewing machine. In 1858, the first electric burglar alarm was installed in Boston. In 1866, Lucy B. Hobbs became the first woman to graduate from a dental school. The school was the Ohio College of Dental Surgery in Cincinnati. In 1878, the first telephone directory issued in the U.S. was distributed to residents in New Haven, Connecticut. It was a single page of only fifty names. In 1925, the first issue of “The New Yorker” was published. In 1947, Edwin Land demonstrated the Polaroid Land Camera to the Optical Society of America in New York City. It was the first camera to take, develop and print a picture on photo paper all in about 60 seconds. The photos were black and white. The camera went on sale the following year. In 1965, Malcolm X was assassinated in New York City at the age of 39 by assassins identified as Black Muslims. In 1968, an agreement between baseball players and club owners increased the minimum salary for major league players to $10,000 a year. In 1975, former U.S. Attorney General John N. Mitchell and former White House aides H.R. Haldeman and John D. Ehrlichman were sentenced to 2 1/2 to 8 years in prison for their roles in the Watergate cover-up. In 1995, Chicago stockbroker Steve Fossett became the first person to fly solo across the Pacific Ocean in a balloon. He landed in Leader, Saskatchewan, Canada. | | SURVEY SAYS RESPONSES: Last week, I asked NewsDash readers, “Do you love your job; has your love for your job rollercoastered over the years, and who do you think is responsible for keeping you happy on the job?” More than three in 10 (30.2%) of responding readers say they love their jobs, while nearly three in 10 (27%) chose “’Love’ is a strong word,” indicating maybe they like their jobs. Another 30.2% indicated they sometimes love their jobs, and 12.7% do not love their jobs. The majority (80.9%) of respondents say their love for their job has rollercoastered over the years, and 19.1% say it has not. Less than 2% say their employer is responsible for keeping them happy on their job; 32.8% say it is up to them; and 65.6% say it is a combination of them and their employers. Comments from readers explained why they love their jobs or why they don’t, and quite a few offered up factors that contribute to loving your job. Several said it was all about our own attitude. Editors’ Choice goes to the reader who said: “As you grow in your job, things change, as things change, your love or hate for the job changes. I think on any given day you can love or hate your job, depending on circumstances. However, until you reach that magical time of life when you can retire at any time, you must continue working at your job.” Thank you to everyone who participated in the survey!Read more > | | Share the news with a friend! Pass the NewsDash along—and tell your friends/associates they can sign up for their own copy.Read more > |
|
