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February 24th, 2023
Insight on Plan Design & Investment Strategy Every Weekday
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| ECONOMIC EVENTS |
In the week ending February 18, the advance figure for seasonally adjusted initial claims for unemployment insurance was 192,000, a decrease of 3,000 from the previous week’s revised level, the Labor Department reported. The previous week’s level was revised up by 1,000 from 194,000 to 195,000. The four-week moving average was 191,250, an increase of 1,500 from the previous week’s revised average. The previous week’s average was revised up by 250 from 189,500 to 189,750.
Interest on a 30-year fixed-rate mortgage averaged 6.50% for the week ending February 23, up from last week when it averaged 6.32%, according to Freddie Mac. A year ago at this time, the 30-year FRM averaged 3.89%. Interest on a 15-year fixed-rate mortgage averaged 5.76%.
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| MARKET MIRROR |
Thursday, the Dow increased 108.82 points (0.33%) to close at 33,153.91, the Nasdaq increased 83.33 points (0.72%) to close at 11,590.40 and the S&P 500 gained 21.27 points (0.53%) to close at 4,012.32. The Russell 2000 increased 13.42 points (0.71%) to close at 1,908.09 and the Wilshire 5000 gained 194.00 points (0.49%) to close at 40,120.14.
The price of the 10-year Treasury note decreased 1/32, bringing the yield to 3.883%. The price of the 30-year Treasury bond decreased 1/32, bringing the yield to 3.888%.
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ON THIS DATE: In 1803, the Supreme Court, led by Chief Justice John Marshall, decided the landmark case of William Marbury v. James Madison, and confirmed the legal principle of judicial review—the ability of the Supreme Court to limit Congressional power by declaring legislation unconstitutional—in the new nation. In 1900, New York City Mayor Van Wyck signed the contract to begin work on New York’s first rapid transit tunnel. The tunnel would link Manhattan and Brooklyn and the groundbreaking ceremony was on March 24. In 1983, the Dow Jones Industrial Average closed above the 1,100 mark for the first time. In 1991, U.S. ground operations began in the Persian Gulf War, more than a month after an air war was launched against Iraq to free Iraqi-occupied Kuwait. In 2020, film producer Harvey Weinstein was convicted of rape and a criminal sex act; the verdict was a victory for the #MeToo movement, which sought to assist survivors of sexual assault. In 2022, eight years after illegally annexing Crimea, Russia invaded Ukraine.
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