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February 27th, 2023
Insight on Plan Design & Investment Strategy Every Weekday
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| ECONOMIC EVENTS |
Sales of new single-family houses in January 2023 were at a seasonally adjusted annual rate of 670,000, the Census Bureau reported. This is 7.2% above the revised December 2022 estimate of 625,000.
Monday, the Census Bureau will report new orders for manufactured durable goods for January. Tuesday, the Conference Board will report the Consumer Confidence Index for February. Wednesday, the Census Bureau will report construction spending for January. Thursday, the Department of Labor will issue its initial jobless claims report and Freddie Mac will update average mortgage rates for the week.
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| MARKET MIRROR |
Friday, the Dow decreased 336.99 points (1.02%) to close at 32,816.92, the Nasdaq decreased 195.46 points (1.69%) to close at 11,394.94 and the S&P 500 lost 42.28 points (1.05%) to close at 3,970.04. The Russell 2000 decreased 17.61 points (0.92%) to close at 1,890.49 and the Wilshire 5000 lost 429.40 points (1.07%) to close at 39,690.74.
The price of the 10-year Treasury note increased 2/32, bringing the yield to 3.953%. The price of the 30-year Treasury bond increased 2/32, bringing the yield to 3.951%.
For the week ending February 24, the Dow lost 2.99%, the Nasdaq lost 3.33% and the S&P 500 dropped 2.67%. The Russell 2000 decreased 2.87% and the Wilshire 5000 finished 2.77% lower.
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EVENTS
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Register to Attend Our Virtual DB Summit
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The DB Summit is designed to help plan sponsors that have or are considering adding a DB plan make the important decisions. Discussions and presentations on March 8 and 9 will focus on whether the future environment is conducive to more pension risk transfers, to keeping plans active or to reopening closed plans, as well as what investing strategies can help plan sponsors reach their plan goals. Join us as we explore the prospective role of DB plans in American’s retirement security. 
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ON THIS DATE: In 1776, at the Battle of Moore’s Creek Bridge, North Carolinian revolutionaries defeated loyalists during the American Revolution. In 1801, the city of Washington, D.C., was placed under Congressional jurisdiction. In 1827, a group of masked and costumed students danced through the streets of New Orleans, marking the first of the city’s yearly Mardi Gras celebrations. In 1844, the Dominican Republic declared independence as a sovereign state. In 1922, the U.S. Supreme Court upheld the 19th Amendment to the Constitution, which guarantees women the right to vote. In 1951, the 22nd Amendment, which effectively limited to two the number of terms a U.S. president may serve, was ratified. In 1967, Saint Kitts and Nevis (with Anguilla) became an independent state associated with the United Kingdom. In 1973, 200 members of the American Indian Movement occupied the reservation hamlet of Wounded Knee, South Dakota, demanding a Senate investigation into treatment of Native Americans. In 1981, after posting a deficit of $1.7 billion for 1980, the Chrysler Corp. was granted $400 million in federal loan guarantees by the administration of President Ronald Reagan. In 1981, after posting a deficit of $1.7 billion for 1980, the administration of President Ronald Reagan granted Chrysler Corp. $400 million in federal loan guarantees. In 1991, President George H.W. Bush ordered a cease-fire effective at midnight and declared victory in the Persian Gulf War, a conflict triggered by Iraq’s invasion and occupation of Kuwait in August 1990.
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