| Economic Events | The U.S. Census Bureau of the Department of Commerce announced that construction spending during November was estimated at a seasonally adjusted annual rate of $1,182.1 billion, 0.9% above the revised October estimate of $1,171.4 billion. The November figure is 4.1% above the November 2015 estimate of $1,135.5 billion. During the first 11 months of this year, construction spending amounted to $1,070.9 billion, 4.4% above the $1,025.5 billion for the same period in 2015. | | Market Mirror | Tuesday, the Dow gained 119.16 points (0.60%) to finish at 19,881.76, the NASDAQ closed 45.97 points (0.85%) higher at 5,429.08, and the S&P 500 increased 19.00 points (0.85%) to 2,257.83. The Russell 2000 was up 8.36 points (0.62%) at 1,365.49, and the Wilshire 5000 climbed 188.87 points (0.81%) to 23,614.73.
On the NYSE, 3.1 billion shares traded, with advancing issues outnumbering declining issues more than 3 to 1. On the NASDAQ, 2.9 billion shares changed hands, with a near 2 to 1 lead for advancers.
The price of the 10-year Treasury note was down 1/32, increasing its yield to 2.450%. The price of the 30-year Treasury bond was up 12/32, decreasing its yield to 3.048%. | | Sponsored message from DST Systems | A Call to Action: Improving the Rollover Experience Post-DOL Renewed opportunities to improve the outdated approach to IRA rollovers.Read more > | | Compliance | Multiple Recordkeepers at Heart of Excessive Fee Suit | The compliant says having different recordkeepers for a traditional DC plan and a 403(b) plan caused participants to pay too much for services.Read more > | | From the Magazine | A New Fiduciary Era | If the fiduciary rule takes effect, sponsors need to understand beforehand how their service providers will handle the requirements. Sponsors may move away from advisers still receiving commissions and utilizing an exemption, says Eric Droblyen, president and CEO of Employee Fiduciary, a third-party administrator (TPA) in Mobile, Alabama.Read more > | Money Market Shifts | The new U.S. Securities and Exchange Commission (SEC) rules took effect in October, and Jan Jacobson, senior counsel, retirement policy, at the American Benefits Council, says they have led many sponsors to make a change. In the current interest rate environment, with rates inevitably rising at some undetermined future time, many sponsors do not want participants to, potentially, have trouble getting out of a money market fund, Jacobson says. “Most sponsors moved to a government fund because of the perceived risk of gates and fees,” she says.Read more > | | Small Talk | Nearly half of Americans 45 years of age or older, 49%, believe “whatever” to be the most annoying word used in conversation, but younger Americans are more tolerant of it, a poll finds. The poll reveals other words Americans find annoying.Read more > | ON THIS DATE: In 1885, Dr. William Grant performed the first successful appendectomy. In 1896, Utah became the 45th U.S. state. In 1936, the first pop music chart based on national sales was published by “Billboard” magazine. In 1951, during the Korean conflict, North Korean and Communist Chinese forces captured the city of Seoul. In 1957, “Collier’s” magazine was published for the last time. The periodical was published for 69 years. In 1965, in his State of the Union address, U.S. President Lyndon Johnson proclaimed the building of the “Great Society.” In 1974, U.S. President Richard Nixon refused to hand over taped recordings and documents subpoenaed by the Senate Watergate Committee. In 1984, Wayne Gretzky scored eight points (four goals and four assists) for the second time in his National Hockey League (NHL) career. Edmonton’s Oilers defeated the Minnesota North Stars, 12 to 8. The game was the highest-scoring NHL game to date. In 1999, former professional wrestler Jesse Ventura was sworn in as Minnesota’s 37th governor. In 2007, Nancy Pelosi became the first woman Speaker of the U.S. House of Representatives.
WEDNESDAY WISDOM: “Hope smiles from the threshold of the year to come, whispering, ‘It will be happier.’”—Alfred Lord Tennyso | Share the news with a friend! Pass the NewsDash along—and tell your friends/associates they can sign up for their own copy.Read more > |
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