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February 6th, 2023
Insight on Plan Design & Investment Strategy Every Weekday
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DEALS AND PEOPLE
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Retirement Industry People Moves
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SPARK Institute elects new governing board led by T. Rowe Price’s Collins; BPAS promotes Jason Disco to lead defined benefit sales and service; Marshberry adds Rob Madore as vice president, financial advisory; and more. 
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| ECONOMIC EVENTS |
Total nonfarm payroll employment rose by 517,000 in January, and the unemployment rate fell to 3.4%, the Bureau of Labor Statistics reported. Job growth was widespread, led by gains in leisure and hospitality, professional and business services, and health care. Employment also increased in government, partially reflecting the return of workers from a strike.
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 127.93 points (0.38%) to close at 33,926.01, the Nasdaq decreased 193.86 points (1.59%) to close at 12,006.96 and the S&P 500 decreased 43.28 points (1.04%) to close at 4,136.48. The Russell 2000 lost 15.69 points (0.78%) to close at 1,985.53 and the Wilshire 5000 decreased 446.97 points (1.07%) to close at 41,385.36.
The price of the 10-year Treasury note increased 4/32, bringing the yield to 3.524%. The price of the 30-year Treasury bond increased 2/32, bringing the yield to 3.616%.
For the week ending February 3, the Dow lost 0.12%, the Nasdaq increased 3.31% and the S&P 500 gained 1.62%. The Russell 2000 gained 3.88% and the Wilshire 5000 finished 1.84% higher.
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Investments Special Issue︱Opinion
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Employee-Owned
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ESOPs can up the assets of working Americans, and benefit the company.
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SURVEYS
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CIO’s Transition Management Survey
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Are you a provider of transition management services and want to make your services known to institutional investors? If so, you are invited to respond to CIO’s Transition Management Survey.
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ON THIS DATE: In 1778, the United States gained official recognition from France as the two nations signed the Treaty of Amity and Commerce and the Treaty of Alliance, in Paris. In 1862, Union naval commodore Andrew Foote, leading a flotilla of iron clad ships, captured Fort Henry, Tennessee, a strategic Confederate position during the Civil War. In 1895, baseball player Babe Ruth, whose home-run hitting helped make him one of the most celebrated athletes in American sports, was born. In 1945, Jamaican singer-songwriter Bob Marley—who achieved stardom by blending early ska, rock steady and reggae forms into a rock-influenced hybrid—was born. In 1952, Queen Elizabeth II ascended to the throne of the United Kingdom of Great Britain and Northern Ireland following the death of her father, King George VI. She would celebrate her Golden Jubilee on this date in 2002. In 1993, tennis player Arthur Ashe, who was the first African American man to win a Grand Slam championship, died of AIDS-related pneumonia; he had likely contracted the virus through a tainted blood transfusion received during coronary bypass surgeries. In 2014, comedian Jay Leno hosted his last episode of “The Tonight Show”; he had previously retired in 2009 but returned the following year. In 2018, SpaceX’s Falcon Heavy rocket had its first test flight; on board was a Tesla automobile owned by SpaceX’s founder, Elon Musk.
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