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| Market Mirror | |
Yesterday, the Dow ticked up 23.16 points (0.13%) to 17,619.51, the NASDAQ went up 28.40 points (0.57%) at 4,986.87, and the S&P 500 finished 5.46 points (0.27%) higher at 2,063.10. The Russell 2000 increased 7.19 points (0.58%) to 1,253.95, and the Wilshire 5000 rose 67.43 points (0.31%) to close at 21,841.75. On the NYSE, 3.3 billion shares traded, with a near 1.5 to 1 lead for advancers. On the NASDAQ, 2.9 billion shares changed hands, with 2 advancing issues for every decliner. The price of the 10-year Treasury note was down 7/32, bringing its yield up to 2.352%. The price of the 30-year Treasury bond fell 13/32, increasing its yield to 3.122%. | |
| Compliance | |
| SCOTUS Won’t Hear Reverse Stock Drop Case | |
| Monday marked the end of the U.S. Supreme Court’s 2014-15 term, revealing the extensive list of cases the top court will hear next term—and those it won’t. Among those that didn’t make the cut is RJR Pension Investment Committee v. Tatum et. al, an important Employee Retirement Income Security Act (ERISA) case. The case hinged on what to do when a fiduciary has breached duty of prudence by failing to put in place a prudent process to evaluate an investment decision—in this case, dropping company stock from the plan without thoroughly investigating whether it was prudent to do so. Is it reasonable for the defendant to argue that the result would have been the same even with a prudent process in place and thus avoid liability?Read more > | |
| 9th Circuit Confirms Remand of Stock Drop Case | |
| The 9th U.S. Circuit Court of appeals denied plaintiffs’ petition for a “rehearing en banc” in Harris vs. Amgen, and filed an amended opinion in the case explaining its reasoning. In so denying a rehearing by the full panel of 9th Circuit judges, a previously revisited appellate decision in the case has essentially been confirmed and finalized, pushing the case back to a district court for additional proceedings.Read more > | |
| Investing | |
| Asset Managers Don’t Trust Performance Data | |
| More than half (53%) of asset managers do not think that the data they receive on their investment performance is completely accurate, a survey by SimCorp found. Eighty percent of asset managers say their portfolio managers do not receive investment performance numbers based on intra-day position calculations, and only 59% say their portfolio managers are able to look through to see the trades, prices, foreign exchange rates and classifications driving performance. Without accurate and timely information, portfolio managers may be making ill-informed trading decisions and be at a competitive disadvantage, SimCorp says.Read more > | |
| Small Talk | |
ON THIS DATE: In 1847, the U.S. Post Office issued its first adhesive stamps. In 1862, the U.S. Congress established the Bureau of Internal Revenue. In 1863, the Battle of Gettysburg began. In 1874, the Philadelphia Zoological Society zoo opened as the first zoo in the United States. In 1943, the U.S. Government began automatically withholding federal income tax from pay checks. In 1961, the first community air-raid shelter was built. The shelter in Boise, Idaho, had a capacity of 1,000 people and family memberships sold for $100. In 1963, the U.S. postmaster introduced the five-digit ZIP (Zoning Improvement Plan) code. In 1966, the Medicare federal insurance program went into effect. In 1979, Susan B. Anthony was commemorated on a U.S. coin, the Susan B. Anthony dollar. In 1979, the first Sony Walkman went on sale. In 1984, the Motion Picture Association of America (MPAA), which oversees the voluntary rating system for movies, introduced a new rating, PG-13. In 1997, Hong Kong reverted back to Chinese rule.
WEDNESDAY WISDOM: “Example is leadership.”—Albert Schweitzer, philosopher and theologian | |
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Editorial: Alison Cooke Mintzer alison.mintzer@strategic-i.com
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