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January 29th, 2021
Insight on Plan Design & Investment Strategy Every Weekday
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Cover
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The Truth About Plan Lawsuits
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Experts weigh in on the confusing, and at times contradictory, litigation landscape, for retirement plan fiduciaries. 
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| Economic Events |
Sales of new single-family houses in December were at a seasonally adjusted annual rate of 842,000, according to estimates released jointly by the U.S. Census Bureau and the Department of Housing and Urban Development. This is 1.6% above the revised November rate of 829,000 and is 15.2% above the December 2019 estimate of 731,000.
Interest on a 30-year fixed-rate mortgage averaged 2.73% for the week ending January 28, down from last week when it averaged 2.77%, according to Freddie Mac. A year ago at this time, the 30-year FRM averaged 3.51%. Interest on a 15-year fixed-rate mortgage averaged 2.20%, down from last week when it averaged 2.21%. A year ago at this time, the 15-year FRM averaged 3.00%.
In the week ending January 23, the advance figure for seasonally adjusted initial claims for unemployment insurance was 847,000, a decrease of 67,000 from the previous week’s revised level of 914,000, the Labor Department reported. The four-week moving average was 868,000, an increase of 16,250 from the previous week’s revised average of 851,750.
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| Market Mirror |
Thursday, the Dow climbed 300.19 points (0.99%) to 30,603.36, the NASDAQ closed 66.56 points (0.50%) higher at 13,337.16, and the S&P 500 increased 36.61 points (0.98%) to 3,787.38. The Russell 2000 was down 2.09 points (0.10%) at 2,106.61, and the Wilshire 5000 gained 336.86 points (0.85%) to finish at 40,127.05.
The price of the 10-year Treasury note was down 3/32, increasing its yield to 1.053%. The price of the 30-year Treasury bond decreased 29/32, bringing its yield up to 1.808%.
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ON THIS DATE: In 1802, John Beckley became the first Librarian of Congress. In 1843, William McKinley, who would become the 25th American president and the first president to ride in an automobile, was born in Niles, Ohio. In 1845, Edgar Allan Poe’s “The Raven” was published for the first time in the “New York Evening Mirror.” 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 U.S. Baseball Hall of Fame elected its first members in Cooperstown, New York: Ty Cobb, Babe Ruth, Honus Wagner, Christy Matthewson and Walter Johnson. In 1963, the inaugural class of the Pro Football Hall of Fame were announced. It included 11 former players (Red Grange, Don Hutson, Dutch Clark, Bronko Nagurski, Mel Hein, Pete Henry, Cal Hubbard, Sammy Baugh, Johnny McNally, Ernie Nevers and Jim Thorpe), one founder/owner/coach (George Halas), and five owners/executives (Curly Lambeau, Bert Bell, Joe Carr, Tim Mara and George Marshall). In 1979, Deng Xiaoping, deputy premier of China, met President Jimmy Carter, and together they signed historic new accords that reversed decades of U.S. opposition to the People’s Republic of China. 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 49-26.
And now it’s time for some FRIDAY FUN!
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