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| Market Mirror | |
U.S. stock indices fell after the Federal Reserve’s Open Market Committee reiterated it plans to be patient and watch the data as it decides when to raise interest rates. The Dow decreased 195.84 points (1.13%) to 17,191.37, the NASDAQ was down 43.50 points (0.93%) at 4,637.99, and the S&P 500 closed 27.39 points (1.35%) lower at 2,002.16. The Russell 2000 fell 19.54 points (1.64%) to 1,175.12, and the Wilshire 5000 lost 300 points (1.40%) to finish at 21,135.57. On the NYSE, 3.2 billion shares changed hands, with declining issues outnumbering advancing issues nearly 3 to 1. On the NASDAQ, 2.7 billion shares traded, with a more than 3 to 1 lead for decliners. The price of the 10-year Treasury note was up 32/32, bringing its yield down to 1.718%. The price of the 30-year Treasury bond increased 2 19/32, decreasing its yield to 2.292%. | |
| Compliance | |
| High Court Remands Vested Retiree Health Benefits Case | |
| The U.S. Supreme Court vacated an appellate court’s decision that an employer owed retirees covered by a collective bargaining agreement (CBA) lifetime health care benefits, finding the basis for the decision was inappropriate. The high court said the 6th U.S. Circuit Court of Appeals decision in M&G Polymers USA v. Tackett rested on principles that are incompatible with ordinary principles of contract law. According to the Supreme Court opinion, the 6th Circuit also failed to consider the traditional principle that courts should not construe ambiguous writings to create a lifetime promise.Read more > | |
| From the Magazine | |
| DB Plan Q&A: Mortality Table Updates | |
| Marcia Wagner, principal and founder of The Wagner Law Group, answers questions relating to the consequences and anticipated effective date of the final version of new mortality tables issued by the Society of Actuaries in October, 2014.Read more > | |
| Investing | |
| A new report from Cerulli Associates finds asset managers are seeking a variety of approaches to offer new exchange-traded fund (ETF) products, such as using their firms’ existing infrastructure capabilities to repackage existing strategies as ETFs or acquiring existing ETF boutiques that have the necessary distribution already in place. The result for investors will be greater opportunity and flexibility in choosing ETFs.Read more > | |
| Small Talk | |
| ON THIS DATE: In 1861, Kansas became the 34th state of the Union. In 1886, the first successful petrol-driven motorcar, built by Karl Benz, was patented. In 1936, the first members of Major League Baseball’s Hall of Fame were named in Cooperstown, New York. In 1963, the first members to the NFL’s Hall of Fame were named in Canton, Ohio. In 1995, the San Francisco 49ers became the first team in National Football League (NFL) history to win five Super Bowl titles. The 49ers defeated the San Diego Chargers 49 to 26. | |
| SURVEY SAYS: It’s that time of year again—The Academy Awards. This week I’d like to know, which nominees for “Best Picture” have you seen, and which do you think should win? You may respond to this week’s survey by 6 p.m. Pacific time today.Read more > | |
| Share the good news with a friend! Pass the Dash along – and tell your friends/associates they can sign up for their own copy.Read more > | |
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Editorial: Alison Cooke Mintzer alison.mintzer@strategic-i.com
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