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| Economic Events | |
Total nonfarm payroll employment increased by 287,000 in June, and the unemployment rate rose to 4.9%, the Bureau of Labor Statistics reports. Job growth occurred in leisure and hospitality, health care and social assistance, financial activities, and information. THE ECONOMIC WEEK AHEAD: Tomorrow, the Census Bureau will report about wholesale inventories for May. Thursday, the Labor Department will issue its initial claims report, and the Bureau of Labor Statistics will reveal the producer price index for June. Friday, the Census Bureau will report about retail sales for June and business inventories for May, and the Bureau of Labor Statistics will reveal the consumer price index for June. | |
| Sponsored message from Vanguard | |
| Retirement: From the mind of the TDF investor Edward Dinucci, William Lee Norton, Michael Pan, and John Croke This paper presents key findings from Vanguard’s target-date fund investor survey. The analysis focuses on investor’s anticipated uses of retirement savings.Read more > | |
| Market Mirror | |
Friday, the Dow gained 250.86 points (1.40%) to finish at 18,146.74, the NASDAQ closed 79.95 points (1.64%) higher at 4,956.76, and the S&P 500 increased 31.88 points (1.52%) to 2,129.78. The Russell 2000 was up 27.61 points (2.40%) at 1,177.36, and the Wilshire 5000 climbed 341.82 points (1.58%) to 22,040.72. On the NYSE, 3.1 billion shares traded, with advancing issues outnumbering declining issues more than 7 to 1. On the NASDAQ, 2.7 billion shares changed hands, with a near 5 to 1 lead for advancers. The price of the 10-year Treasury note was up 9/32, decreasing its yield to 1.356%. The price of the 30-year Treasury bond increased 29/32, bringing its yield down to 2.097%. WEEK’S WORTH: For the week ending July 8, the Dow was up 1.10%, the NASDAQ climbed 1.94%, and the S&P 500 increased 1.28%. The Russell 2000 gained 1.78%, and the Wilshire 5000 finished 1.39% higher. | |
| Compliance | |
| Court Dismisses Edison Stock Drop Lawsuit | |
| A judge found plaintiffs failed to suggest alternative actions the company could have taken that would not potentially harm the fund more.Read more > | |
| Casino Owner Sued for Not Hiring Older Workers | |
| According to an Equal Employment Opportunity Commission (EEOC) lawsuit, casino owner RCH Colorado refused to hire four older women applicants in the positions of slot attendant and cocktail server. Out of the 14 applicants for a slot attendant position, only the three oldest female applicants were not hired. RCH Colorado also refused to hire the oldest cocktail server, who was 63 years old.Read more > | |
| Allstate Faces ERISA Interference of Benefits Claims | |
| Sixteen years-worth of litigation against Allstate Insurance Company has been consolidated into one complaint. After Allstate terminated employment contracts of approximately 6,200 employee-agents and offered four alternative post-Allstate futures in 1999, 499 individual lawsuits have been filed. While the court dismissed some Employee Retirement Income Security Act (ERISA) claims brought by certain of the lawsuits after ERISA’s statute of limitations, it found that interference of benefits claims brought by later lawsuits could move forward due to equitable tolling.Read more > | |
| Small Talk | |
| ON THIS DATE: In 1798, the U.S. Marine Corps was formally re-established by “An Act for Establishing a Marine Corps” passed by the U.S. Congress. The act also created the U.S. Marine Band. The Marines were first commissioned by the Continental Congress on November 10, 1775. In 1804, the United States’ first secretary of the treasury, Alexander Hamilton, was killed by Vice President Aaron Burr in a duel. In 1864, in the U.S., Confederate forces led by General Jubal Early began an invasion of Washington, D.C. They turned back the next day. In 1914, Babe Ruth debuted in the major leagues with the Boston Red Sox. In 1934, U.S. President Franklin Delano Roosevelt became the first American chief executive to travel through the Panama Canal while in office. In 1955, the U.S. Air Force Academy was dedicated in Colorado at Lowry Air Base. In 1962, the first transatlantic TV transmission was sent through the Telstar I satellite. In 1972, U.S. forces broke the 95-day siege at An Loc in Vietnam. In 1977, the Medal of Freedom was awarded posthumously to Rev. Martin Luther King Jr. in a White House ceremony. In 1985, Nolan Ryan (Houston Astros) became the first major league pitcher to earn 4,000 strikeouts in a career. In 1995, full diplomatic relations were established between the United States and Vietnam. | |
| SURVEY SAYS RESPONSES: Last week, I asked NewsDash readers, “What kinds of places do you like to go on vacation, and what, if any, special vacation have you already taken or plan to take this year?” Beaches (61.7%) topped the list of favorite vacation destinations by responding readers, followed by national parks, memorials or monuments (46.7%). The mountains and other historical places tied for third at 36.7%. Readers were asked to share a special vacation they’ve taken this year or are planning to take this year. Responses included cruises, trips abroad, national parks and many more. Responses gave me several ideas to put on my “bucket list.” In general comments about vacations, many readers called for more of them. Others touted the benefits of getting away, but some noted they do not totally get away from the office. Editor’s Choice goes to the reader who said, “Vacation punishment—the longer hours at work to reduce the load before you go on vacation, and the longer hours at work to dig out when you return.” Thanks to everyone who participated in the survey!Read more > | |
| Share the good 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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Editorial: Alison Cooke Mintzer alison.mintzer@strategic-i.com
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