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January 26th, 2024
Insight on Plan Design & Investment Strategy Every Weekday
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| ECONOMIC EVENTS |
In the week ending January 20, the advance figure for seasonally adjusted initial jobless claims was 214,000, an increase of 25,000 from the previous week’s revised level of 189,000, the Department of Labor reported. The four-week moving average was 202,250, a decrease of 1,500 from the previous week’s revised average of 203,750.
Interest on a 30-year fixed-rate mortgage averaged 6.69% for the week ending January 25, up from last week when it averaged 6.60%, according to Freddie Mac. A year ago at this time, the 30-year FRM averaged 6.13%. Interest on a 15-year fixed-rate mortgage averaged 5.96%, up from last week when it averaged 5.76%. A year ago at this time, the 15-year FRM averaged 5.17%.
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| MARKET MIRROR |
Thursday, the Dow rose 242.74 points (0.64%) to close at 38,049.13, the Nasdaq rose 28.58 points (0.18%) to close at 15,510.50 and the S&P 500 rose 25.61 points (0.53%) to close at 4,894.16. The Russell 2000 rose 14.01 points (0.71%) to close at 1,975.88, and the FT Wilshire 5000 Index rose 254.26 points (0.52%) to close at 49,261.32.
The 10-year Treasury note increased 27/32, bringing the yield to 4.118%. The 30-year Treasury bond increased 29/32, bringing the yield to 4.370%.
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PRODUCTS
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Investment Product and Service Launches
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Fidelity takes 401(k)-to-annuity platform national; Prudential announces Fidelity-related SimplyIncome annuity solution; Betterment launches small business student loan 401(k) matching program; and more. 
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ON THIS DATE: In 1788, Arthur Phillip, who had sailed into what is now Sydney Cove with a shipload of convicts, hoisted the British flag and established the first permanent European settlement on the continent of Australia. In 1925, actor Paul Newman, known for starring in films like “The Hustler,” “The Verdict” and “HUD,” was born. In 1942, the first U.S. expeditionary force to land in Europe during World War II reached Ireland. In 1950, India adopted its constitution and became a republic, achieving full independence from Great Britain. In 1958, comedian and television host Ellen DeGeneres, known for her quirky observational humor, was born. In 1962, Lucky Luciano, who was the most powerful chief of American organized crime in the early 1930s and was deported to his native Italy in 1946, died at the age of 65. In 1988, Andrew Lloyd Webber’s “The Phantom of the Opera,” a musical version of Gaston Leroux’s melodramatic novel, opened in New York City and went on to become the longest-running show in Broadway history. In 2001, a massive earthquake struck near Bhuj, Gujarat, India, killing more than 20,000 people and causing extensive damage. In 2020, basketball player Kobe Bryant—who was considered one of the sport’s greatest players, winning five NBA championships with Los Angeles Lakers—died in a helicopter crash, along with his 13-year-old daughter Gianna and seven others, at the age 41.
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