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January 31st, 2024
Insight on Plan Design & Investment Strategy Every Weekday
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| ECONOMIC EVENTS |
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The Conference Board Consumer Confidence Index rose in January to 114.8, up from a revised 108.0 in December. The reading was the highest since December 2021, and marked the third straight monthly increase. The Present Situation Index—based on consumers’ assessment of current business and labor market conditions—surged to 161.3 from 147.2 last month. The Expectations Index—based on consumers’ short-term outlook for income, business, and labor market conditions—improved to 83.8 in January, up from a revised reading of 81.9 in December.
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| MARKET MIRROR |
Tuesday, the Dow rose 133.86 points (0.35%) to close at 38,467.31, the Nasdaq fell 118.15 points (0.76%) to close at 15,509.90 and the S&P 500 fell 2.96 points (0.06%) to close at 4,924.97. The Russell 2000 fell 15.19 points (0.76%) to close at 1,996.24, and the FT Wilshire 5000 Index fell 66.73 points (0.13%) to close at 49,603.60.
The 10-year Treasury note decreased 1/32, bringing the yield to 4.034%. The 30-year Treasury bond decreased 2/32, bringing the yield to 4.256%.
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ON THIS DATE: In 1919, Jackie Robinson, a professional baseball player who became the first African American to play in Major League Baseball in the modern era, was born in Cairo, Georgia. In 1956, Johnny Rotten—lead singer of the Sex Pistols, a rock group that created the British punk movement of the late 1970s—was born in London. In 1958, Explorer 1 was the first artificial space satellite orbited by the U.S., marking the country’s entry into the space race. In 1961, the film drama “The Misfits,” directed by John Huston, had its world premiere; it was perhaps best remembered as the final movie of Marilyn Monroe and Clark Gable. In 1966, the Soviet Union launched Luna 9, the first spacecraft to make a soft landing on the Moon. In 1977, the Pompidou Centre, a French national cultural center named for former president Georges Pompidou, opened in Paris. In 1981, singer and actor Justin Timberlake, a member of boy band *NYSNC before launching a solo career, was born in Memphis, Tennessee. In 2001, Libyan national Abdelbaset Ali Mohamed al-Megrahi was convicted in the 1988 Pan Am flight 103 bombing, in which 270 people were killed; in 2009, the Scottish government released Megrahi from prison after he was diagnosed with terminal cancer. In 2020, the U.K. formally left the European Union, more than three years after the country voted for “Brexit.”
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| Industry Intel Roundup—Featured Video | | PLANSPONSOR is pleased to present the next edition of our Industry Intelligence roundup. This week, we are featuring videos from sources with authoritative knowledge about the industry. The content was created to educate, inform and offer ideas for plan sponsors regarding plan design, investing, administration and compliance. |
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