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January 23rd, 2023
Insight on Plan Design & Investment Strategy Every Weekday
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| ECONOMIC EVENTS |
Existing-home sales retreated for the 11th consecutive month in December 2022, according to the National Association of Realtors. Three of the four major U.S. regions recorded month-over-month drops, while sales in the West were unchanged. All regions experienced year-over-year declines.
Total existing-home sales—completed transactions that include single-family homes, townhomes, condominiums and co-ops—decreased 1.5% from November 2002 to a seasonally adjusted annual rate of 4.02 million in December 2002. Year-over-year, sales sagged 34.0% (down from 6.09 million in December 2021).
Thursday, the Census Bureau will report new orders for manufactured durable goods and new home sales for December, 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 gained 330.93 points (1.00%) to close at 33,375.49, the Nasdaq gained 288.17 points (2.66%) to 11,140.43 and the S&P 500 gained 73.76 points (1.89%) to close at 3,972.61. The Russell 2000 gained 30.99 points (1.69%) to close at 1,867.34 and the Wilshire 5000 increased 745.25 points (1.92%) to close at 39,585.93.
The price of the 10-year Treasury note decreased 29/32, bringing the yield to 3.480%. The price of the 30-year Treasury bond decreased 1 7/32, bringing the yield to 3.653%.
For the week ending January 20, the Dow lost 2.70%, the Nasdaq increased 0.55% and the S&P 500 lost 0.66%. The Russell 2000 lost 1.04% and the Wilshire 5000 finished 0.62% lower
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DEALS AND PEOPLE
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Retirement Industry People Moves
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Megan Schneider named CEO of Retirement & Benefit Partners; T. Rowe adds new role to lead growing separately managed accounts business; OneDigital appoints Southeast leader as it anticipates further growth in the region; and more. 
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AWARDS
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Deadline for Plan Sponsor of the Year Nominations Extended
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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 has been extended through January 23.
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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 1849, Elizabeth Blackwell, who was born in England, received an M.D. from Geneva Medical College in New York, and was the first American-trained woman physician. In 1933, Broadway actress Chita Rivera was born. She was the first ‘Anita’ in the Broadway production of West Side Story and won two Tony awards for other roles. Of Puerto Rican descent, Rivera was also the first Latina woman to ever receive a Kennedy Center Honors award. In 1941, Charles Lindbergh, previously celebrated for his nonstop solo flight across the Atlantic, testified before the House Foreign Affairs Committee on the Lend-Lease policy-and argued the United States should pursue appeasing Hitler. In 1964, the 24th Amendment to the U.S. Constitution, which prohibited the federal and state governments from imposing poll taxes before a citizen can participate in a federal election, was ratified. In 1997, Madeleine Albright, who had earlier served as U.S. ambassador to the United Nations, assumed under President Bill Clinton the office of secretary of state, becoming the first woman to hold that cabinet post. In 2005, comedian Johnny Carson—who, as host of “The Tonight Show“ on NBC from 1962 to 1992, established the standard format for television talk shows and came to be considered the king of late-night TV—died at age 79. In 2021, talk-show host Larry King, host of “Larry King Live,” which aired on CNN from 1985 to 2010, died at age 87.
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