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January 17th, 2023
Insight on Plan Design & Investment Strategy Every Weekday
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| ECONOMIC EVENTS |
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Wednesday, the Census Bureau will report retail sales for December and the Bureau of Labor Statistics will report the Producer Price Index for December. 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 new housing starts for December. Friday, the National Association of Realtors will report existing home sales for December.
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| MARKET MIRROR |
Friday, the Dow gained 112.64 points (0.33%) to close at 34,302.61, the Nasdaq gained 78.05 points (0.71%) to close at 11,079.16 and the S&P 500 increased 15.92 points (0.40%) to close at 3,999.09. The Russell 2000 increased 10.97 points (0.58%) to close at 1,887.03 and the Wilshire 5000 increased 171.01 points (0.43%) to close at 39,834.10.
The price of the 10-year Treasury note increased 2/32, bringing the yield to 3.505%. The price of the 30-year Treasury bond increased 1/32, bringing the yield to 3.614%.
For the week ending January 13, the Dow gained 2.00%, the Nasdaq increased 4.82% and the S&P 500 gained 2.67%. The Russell 2000 gained 5. 62% and the Wilshire 5000 finished 3.12% higher.
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PRODUCTS
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Investment Service and Product Launches
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Milestone Money starts retirement planning website; Transamerica launches life insurance policy with retirement income option; J.P. Morgan customers can now deposit checks directly into IRA accounts; and more. 
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AWARDS ,
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Plan Sponsor of the Year Nominations Closing Soon!
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Are you or do you know of a plan sponsor that goes above and beyond to make retirement security a reality for employees? Get yourself, or them, recognized in PLANSPONSOR’s Plan Sponsor of the Year awards program. Judging for the awards is largely based on applications the plan sponsors will be sent to fill out, so get your nominations in soon. The deadline is January 20.
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Deadline Extended for Retirement Plan Adviser of the Year Nominations!
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Do you know an adviser or adviser team you admire for their community impact? Do you work with an adviser or adviser team that offers great service to your participants or is working on a solution to solve for the retirement plan coverage gap? We have just extended the deadline for nominations for our Retirement Plan Adviser of the Year Awards to January 20. Judging for the awards is largely based on the application that each nominee will fill out, so please get your nominations in soon.
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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 1706, author, inventor and diplomat Benjamin Franklin—who, as one of the foremost Founding Fathers, helped draft the Declaration of Independence—was born. In 1893, a committee led by Sanford Ballard Dole deposed Hawaiian Queen Liliuokalani and installed a provisional government with Dole as president. In 1899, gangster Al Capone was born in Brooklyn. In 1922, Betty White, an actress and comedian, was born. She broke the Guinness Book of World Records in 2013 for having the longest television career of a female entertainer, appearing in a wide variety of television shows and movies, including “Life with Elizabeth,” “Mama’s Family,” “The Golden Girls” and “Hot in Cleveland.” In 1942, professional boxer and activist Muhammad Ali was born. In 1943, British Prime Minister Winston Churchill and U.S. President Franklin D. Roosevelt met at Casablanca, Morocco, during World War II. In 1964, Michelle LaVaughn Robinson Obama, a lawyer and writer, was born. She was First Lady of the United States from 2009 to 2017 and is the first African American First Lady. In 1995, a large-scale earthquake struck the Osaka-Kobe (Hanshin) metropolitan area of Japan, killing an estimated 6,400 people and causing major damage. In 1997, the Republic of Ireland legally granted a divorce for the first time following a 1995 referendum.
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