| | Economic Events | | Existing-home sales stepped out to a fast start in 2017, surpassing a recent cyclical high and increasing in January to the fastest pace in almost a decade, according to the National Association of Realtors. All major regions except for the Midwest saw sales gains last month. Total existing-home sales, which are completed transactions that include single-family homes, townhomes, condominiums and co-ops, expanded 3.3% to a seasonally adjusted annual rate of 5.69 million in January from an upwardly revised 5.51 million in December 2016. January’s sales pace is 3.8% higher than a year ago (5.48 million) and surpasses November 2016 (5.60 million) as the strongest since February 2007 (5.79 million). | | | Market Mirror | Wednesday, the Dow closed 32.60 points (0.16%) higher at 20,775.60, the NASDAQ was down 5.32 points (0.09%) at 5,860.63, and the S&P 500 slipped 2.56 points (0.11%) to 2,362.82. The Russell 2000 decreased 6.49 points (0.46%) to 1,403.85, and the Wilshire 5000 closed 38.97 points (0.16%) lower at 24,681.31.
On the NYSE, 3.1 billion shares traded, with a slight lead for declining issues. On the NASDAQ, 2.8 billion shares changed hands, with 3 decliners for every 2 advancers.
The price of the 10-year Treasury note increased 6/32, bringing its yield down to 2.411%. The price of the 30-year Treasury bond was up 4/32, decreasing its yield to 3.034%. | | | Compliance | | Judge Denies Oracle’s Motion to Dismiss 401(k) Fee Lawsuit | | A federal magistrate judge has recommended Oracle Corporation 401(k) Committee’s motion to dismiss a lawsuit regarding excessive plan fees be denied. In the lawsuit filed in January, plaintiffs in Troudt vs. Oracle allege the Oracle Corporation 401(k) Savings and Investment Plan caused participants to pay recordkeeping and administrative fees to Fidelity that were “multiples of the market rate available for the same services.” The judge ultimately found plaintiffs in the case have met their pleading obligations.Read more > | | | From the Magazine | | On Guard | | When monitoring investment and recordkeeping fees, a plan sponsor would be smart to remember the recurring themes of recent 401(k) participant fee lawsuits. “If you haven’t paid any attention to these issues as a sponsor, you’re a little behind the game. But it’s never too late,” says Sam Henson, director, legislative and regulatory affairs at adviser Lockton Retirement Services.Read more > | | | Investing | | Millennials Could Drive More ESG Investing | | American Century’s data suggests Millennials strongly favor investment opportunities that consider more than just a bottom-line return. Many would be willing to sacrifice some financial return to ensure their investments met certain ethical standards, often having to do with the environment and social justice issues.Read more > | | | Small Talk | | ON THIS DATE: In 1792, the Humane Society of Massachusetts was incorporated. In 1813, the first U.S. raw cotton-to-cloth mill was founded in Waltham, Massachusetts. In 1821, the Philadelphia College of Apothecaries established the first pharmacy college. In 1836, in San Antonio, Texas, the siege of the Alamo began. In 1839, William F. Harnden organized the first express service between Boston and New York City. It was the first express service in the U.S. In 1847, Santa Anna was defeated at the Battle of Buena Vista in Mexico by U.S. troops under General Zachary Taylor. In 1861, U.S. President-elect Abraham Lincoln arrived secretly in Washington to take his office after an assassination attempt in Baltimore. In 1861, Texas became the 7th state to secede from the Union. In 1870, the state of Mississippi was readmitted to the Union. In 1896, the Tootsie Roll was introduced by Leo Hirshfield. In 1904, the U.S. acquired control of the Panama Canal Zone for $10 million. In 1905, the Rotary Club was founded in Chicago by Attorney Paul Harris and three others. In 1940, Walt Disney’s animated movie “Pinocchio” was released. In 1945, the 28th Regiment of the Fifth Marine Division of the U.S. Marines reached the top of Mount Surabachi. A photograph of these Marines raising the American flag was taken. In 1954, the first mass vaccination of children against polio began in Pittsburgh, Pennsylvania. In 1963, the 24th Amendment to the U.S. Constitution was ratified. It prohibited poll taxes in federal elections. In 1968, Wilt Chamberlain (Philadelphia 76ers) became the first player to score 25,000 career points in the NBA. In 1991, during the Persian Gulf War, ground forces crossed the border of Saudi Arabia into the country of Iraq. Less than four days later the war was over due to the surrender or withdraw of Iraqi forces. In 2005, the New York City medical examiner’s office announced it had exhausted all efforts to identify the remains of the people killed at the World Trade Center on September 11, 2001, due to the limits of DNA technology. About 1,600 people had been identified, leaving more than 1,100 unidentified. | | SURVEY SAYS: Every day I look forward to the evenings when I can spend time reading or watching a good show. This week, I’d like to know, which activity in your daily routine do you look forward to the most? You may respond to this week’s survey by 6 p.m. Pacific time today.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 > |
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