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February 5th, 2024
Insight on Plan Design & Investment Strategy Every Weekday
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| ECONOMIC EVENTS |
Total nonfarm payroll employment rose by 353,000 in January, and the unemployment rate remained at 3.7%, the Bureau of Labor Statistics reported. Job gains occurred in professional and business services, health care, retail trade and social assistance. Employment declined in mining, quarrying, and oil and gas extraction.
New orders for manufactured goods in December, up four of the last five months, increased $1.2 billion or 0.2% to $594.3 billion, the Census Bureau reported.
Thursday, the Department of Labor will issue its initial jobless claims report, Freddie Mac will update average mortgage rates for the week and the Census Bureau will report U.S. total business end-of-month inventories.
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| MARKET MIRROR |
Friday, the Dow rose 134.58 points (0.35%) to close at 38,654.42, the Nasdaq rose 267.31 points (1.74%) to close at 15,628.95 and the S&P 500 rose 52.42 points (1.07%) to close at 4,958.61. The Russell 2000 fell 11.69 points (0.59%) to close at 1,962.73, and the FT Wilshire 5000 Index rose 457.34 points (0.93%) to close at 49,837.07.
The 10-year Treasury note fell 1 24/32, bringing the yield to 4.023%. The 30-year Treasury bond fell 1 30/32, bringing the yield to 4.223%.
For the week ending February 2, the Dow rose 1.43%, the Nasdaq rose 1.12% and the S&P 500 rose 1.38%. The Russell 2000 fell 0.79%, and the FT Wilshire 5000 Index ended 1.20% higher.
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DEALS AND PEOPLE
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Retirement Industry People Moves
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Gallagher names new DB leader; Northwestern Mutual makes further moves in succession planning; National Institute for Public Employee Health Care Policy names new head; and more. 
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ON THIS DATE: In 1900, the first of two treaties named for U.S. Secretary of State John Hay and British Ambassador Lord Pauncefote were signed between the U.S. and the U.K. over control of the proposed Panama Canal. In 1914, writer William S. Burroughs—whose experimental novels evoke, in deliberately erratic prose, a nightmarish, sometimes wildly humorous world—was born. In 1917, Mexico adopted its present constitution. In 1934, former Major League Baseball player and Hall of Fame member Hank Aaron was born in Mobile, Alabama. Aaron, during 23 seasons in the major leagues, surpassed batting records set by some of the greatest hitters in the game, including Babe Ruth, Ty Cobb and Stan Musial. In 1943, middleweight boxer Jake LaMotta, the “Bronx Bull,” handed Sugar Ray Robinson his first defeat. In 1985, Portuguese soccer player Cristiano Ronaldo, one of the finest forwards of his generation, was born in Funchal, Portugal. In 1994, Byron De La Beckwith was convicted of killing civil rights leader Medgar Evers in 1963; Beckwith received a life sentence. In 2003, U.S. Secretary of State Colin Powell appeared before the U.N. Security Council to present evidence that Iraq possessed proscribed weapons of mass destruction and posed an immediate danger. In 2017, in the first overtime game in Super Bowl history, Tom Brady and the New England Patriots overcame a 25-point deficit to defeat the Atlanta Falcons. In 2020, after being impeached by the House of Representatives over his actions in the Ukraine scandal, President Donald Trump was acquitted in the Senate.
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