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| Economic Events | |
New orders for manufactured durable goods in December increased $7.0 billion or 2.9% to $249.4 billion, the U.S. Census Bureau announced. This increase, up four of the last five months, followed a 1.7%November increase. Excluding transportation, new orders increased 0.6%. Excluding defense, new orders increased 2.2%. Transportation equipment, also up four of the last five months, led the increase—$6.0 billion or 7.4% to $87.2 billion.
Total nonfarm payroll employment increased by 200,000 in January, and the unemployment rate was unchanged at 4.1, the Bureau of Labor Statistics reported. Employment continued to trend up in construction, food services and drinking places, health care, and manufacturing. THE ECONOMIC WEEK AHEAD: Thursday, the Labor Department will issue its initial claims report. Friday, the Census Bureau will report about wholesale trade for December. | |
| Market Mirror | |
Friday, the Dow plunged 665.75 points (2.54%) to 25,520.96, the NASDAQ fell 144.92 points (1.96%) to 7,240.95, and the S&P 500 dropped 59.85 points (2.12%) to close at 2,762.13. The Russell 2000 lost 32.60 points (2.06%) to finish at 1,547.27, and the Wilshire 5000 plummeted 612.11 points (2.09%) to 28,616.36.
The price of the 10-year Treasury bond decreased 11/32, bringing its yield up to 2.833%. The price of the 30-year Treasury bond fell 31/32, increasing its yield to 3.077%. WEEK’S WORTH: For the week ending February 2, the Dow fell 4.12%, the NASDAQ decreased 3.53%, and the S&P 500 was down 3.85%. The Russell 2000 finished 3.78% lower, and the Wilshire 5000 lost 3.84%. | |
| Compliance | |
| Tax Reform and Other Actions Affect Benefits | |
| During a webcast sponsored by Mercer, implications of the AARP v. EEOC lawsuit ruling were discussedRead more > | |
| Investing | |
| Nasdaq Shifts Endowment Index Allocations | |
| The Endowment Index, compiled by Nasdaq, represents the “investable opportunity for managers of portfolios utilizing an endowment investment methodology or otherwise incorporate alternative investments within a comprehensive asset allocation strategy.” Small adjustments to the index have been made for 2018.Read more > | |
| Small Talk | |
| ON THIS DATE: In 1846, “The Oregon Spectator”, based in Oregon City, became the first newspaper published on the Pacific coast. In 1861, Samuel Goodale patented the moving picture peep show machine. In 1917, the U.S. Congress passed the Immigration Act of 1917 (Asiatic Barred Zone Act) with an overwhelming majority. The action overrode President Woodrow Wilson’s December 14, 1916 veto. In 1931, Maxine Dunlap became the first woman licensed as a glider pilot. In 1952, in New York City, four signs were installed at 44th Street and Broadway in Times Square that told pedestrians “don’t walk.” In 1953, Walt Disney’s film “Peter Pan” opened at the Roxy Theatre in New York City. In 1972, Bob Douglas became the first black man elected to the Basketball Hall of Fame in Springfield, Massachusetts. In 1994, white supremacist Byron De La Beckwith was convicted in Jackson, Mississippi, of the 1963 murder of civil rights leader Medgar Evers. In 1997, investment bank Morgan Stanley announced a $10 billion merger with Dean Witter. | |
| SURVEY SAYS RESPONSES: Last week, I asked NewsDash readers, “How will watching the Super Bowl and/or Super Bowl parties affect your work schedule Monday.” The vast majority (77.3%) of responding readers said their Monday work schedule will not be affected at all, while 18.2% said it won’t affect their work schedules, but they’ll likely be less productive. Three percent of readers indicate they’ve already asked for that day as a PTO/vacation day, and 1.5% reported they will probably be a little tardy. No one admitted they will probably call in sick. Among those who chose to leave comments, many indicated they were not watching the Super Bowl. Some suggested the Monday after should be a holiday, and a couple suggested the game should be moved to Saturday. Respondents who live in the West pointed out this has not been a problem for them since the game comes on earlier there. Editor’s Choice—although, I WILL be watching the Super Bowl—goes to the reader who mentioned that This Is Us is coming on after: “If the Vikings would have made it, there might have been a problem but since there are once again two teams I have no interest in, I plan on heading to bed early and watching This is Us via DVR the following evening.” Thanks to all who responded to the survey!Read more > | |
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Editorial: Alison Cooke Mintzer alison.mintzer@strategic-i.com
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