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February 22nd, 2022
Insight on Plan Design & Investment Strategy Every Weekday
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Data and Research
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Multiemployer Plans Overall in Good Shape
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The majority of plans are at least 80% funded, and even those in critical and declining status are expected to see improvement with the Special Financial Assistance approved by Congress. 
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| Economic Events |
Existing-home sales rose in January, making a notable move upward following a previous month where sales declined, according to the National Association of Realtors. On a month-over-month basis, each of the four major U.S. regions experienced an increase in sales in January. However, year-over-year, activity was mixed as two regions reported sagging sales, another watched sales increase and a fourth region remained flat.
Total existing-home sales—completed transactions that include single-family homes, townhomes, condominiums and co-ops—climbed 6.7% from December to a seasonally adjusted annual rate of 6.50 million in January. Year-over-year, sales fell 2.3% (6.65 million in January 2021).
Today, the Conference Board will release its Consumer Confidence Index for February. 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 new homes sales in January.
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| Market Mirror |
Friday, the Dow lost 232.85 points (0.68%) to finish at 34,079.18, the Nasdaq closed 168.65 points (1.23%) lower at 13,548.07, and the S&P 500 decreased 31.39 points (0.72%) to 4,348.87. The Russell 2000 was down 18.76 points (0.92%) at 2,009.33, and the Wilshire 5000 fell 385.09 points (0.87%) to 43,866.58.
The price of the 10-year Treasury note was up 4/32, decreasing its yield to 1.925%. The price of the 30-year Treasury bond increased 1 25/32, bringing its yield down to 2.243%.
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Deals and People
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Retirement Industry People Moves
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Alerus adds senior retirement specialist; HSA Bank acquires HSA solutions provider; Innocap to acquire BNY Mellon’s HedgeMark business; and more.
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ON THIS DATE: In 1819, Spanish minister Do Luis de Onis and U.S. Secretary of State John Quincy Adams signed the Florida Purchase Treaty, in which Spain agreed to cede the remainder of its old province of Florida to the United States. In 1879, in Utica, New York, Frank W. Woolworth opened his first 5- and 10-cent store. In 1885, the Washington Monument was officially dedicated. It opened to the public in 1889. In 1924, President Calvin Coolidge delivered the first presidential radio broadcast from the White House. In 1969, 19-year-old Barbara Jo Rubin became the first female jockey to win a race at an American thoroughbred track when she rode Cohesion to a victory by a neck over Reely Beeg in the ninth race at Charles Town, West Virginia. In 1980, in one of the most dramatic upsets in Olympic history, the underdog U.S. hockey team, made up of college players, defeated the four-time defending gold-medal winning Soviet team at the XIII Olympic Winter Games in Lake Placid, New York. In 1997, Scottish scientist Ian Wilmut and his colleagues announced that an adult sheep had been successfully cloned. Dolly was born on July 5, 1996.
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