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January 27th, 2023
Insight on Plan Design & Investment Strategy Every Weekday
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| ECONOMIC EVENTS |
New orders for manufactured durable goods in December, up four of the last five months, increased $15.3 billion or 5.6% to $286.9 billion, the Census Bureau reported. This followed a 1.7% November decrease. Excluding transportation, new orders decreased 0.1%. Excluding defense, new orders increased 6.3%. Transportation equipment, also up four of the last five months, drove the increase, $15.5 billion or 16.7% to $108.1 billion.
Sales of new single-family houses in December 2022 were at a seasonally adjusted annual rate of 616,000, the Census Bureau reported. This is 2.3% above the revised November 2022 estimate of 602,000.
Interest on a 30-year fixed-rate mortgage averaged 6.13% for the week ending January 26, down from last week when it averaged 6.15%, according to Freddie Mac. A year ago at this time, the 30-year FRM averaged 3.55%. Interest on a 15-year fixed-rate mortgage averaged 5.17%, down from last week when it averaged 5.28%. A year ago at this time, the 15-year FRM averaged 2.80%.
In the week ending January 21, the advance figure for seasonally adjusted initial claims for unemployment insurance was 186,000, a decrease of 6,000 from the previous week’s revised level, the Labor Department reported. The previous week’s level was revised up by 2,000 from 190,000 to 192,000. The four-week moving average was 197,500, a decrease of 9,250 from the previous week’s revised average. The previous week’s average was revised up by 750 from 206,000 to 206,750.
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| MARKET MIRROR |
Thursday, the Dow gained 205.57 points (0.61%) to close at 33,949.41, the Nasdaq gained 199.06 points (1.76%) to close at 11,512.41 and the S&P 500 gained 44.21 points (1.10%) to close at 4,060.43. The Russell 2000 increased 12.75 points (0.67%) to close at 1,903.06 and the Wilshire 5000 increased 437.51 points (1.09%) to close at 40,483.71.
The price of the 10-year Treasury note increased 1/32, bringing the yield to 3.496%. The price of the 30-year Treasury bond was unchanged, bringing the yield to 3.641%.
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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 1880, inventor Thomas Edison patented the incandescent lamp. In 1888, the National Geographic Society was founded in Washington, D.C. In 1898, Georgia Neese Clark was born. She was the first woman treasurer of the United States, serving from 1949 to 1953. In 1945, the Nazi concentration camp at Auschwitz, Poland, was liberated by Soviet troops. In 1973, the Paris Peace Accord ending the Vietnam War, was signed. In 1984, hockey player Wayne Gretzky recorded a point in his 51st consecutive game, the final extent of his National Hockey League record—he was held without a goal or assist the following day.
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