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February 28th, 2023
Insight on Plan Design & Investment Strategy Every Weekday
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| ECONOMIC EVENTS |
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New orders for manufactured durable goods in January, down two of the last three months, decreased $13.0 billion or 4.5% to $272.3 billion, the Census Bureau reported. This followed a 5.1% December increase. Excluding transportation, new orders increased 0.7%. Excluding defense, new orders decreased 5.1%. Transportation equipment, also down two of the last three months, drove the decrease, $14.2 billion or 13.3% to $92.8 billion.
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| MARKET MIRROR |
Monday, the Dow increased 72.17 points (0.22%) to close at 32,889.09, the Nasdaq increased 72.04 points (0.63%) to close at 11,466.98 and the S&P 500 increased 12.20 points (0.31%) to close at 3,982.24. The Russell 2000 increased 5.78 points (0.31%) to close at 1,896.27 and the Wilshire 5000 increased 118.35 points (0.30%) to close at 39,809.09.
The price of the 10-year Treasury note decreased 1/32, bringing the yield to 3.924%. The price of the 30-year Treasury bond was unchanged, bringing the yield to 3.928%.
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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 1784, English cleric, theologian and evangelist John Wesley chartered the first Methodist Church in the United States. In 1827, the Baltimore and Ohio Railroad became the first steam-operated railway in the United States to be chartered as a common carrier of freight and passengers. In 1861, with the region’s population booming because of the Pike’s Peak gold rush, Congress created the new Territory of Colorado. In 1922, Egypt was declared an independent country. In 1953, Cambridge University scientists James D. Watson and Francis H.C. Crick announced that they determined the double-helix structure of DNA, the molecule containing human genes. In 1983 the final episode of the TV series “M*A*S*H” aired and was watched by an estimated 106 million viewers. In 1991, the Persian Gulf War—triggered by Iraq’s invasion of Kuwait—ended as Iraqi dictator Saddam Hussein accepted a cease-fire agreement. In 2013, Benedict XVI became the first pope to resign since Gregory XII in 1415.
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