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July 14th, 2023
Insight on Plan Design & Investment Strategy Every Weekday
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| ECONOMIC EVENTS |
In the week ending July 8, the advance figure for seasonally adjusted initial jobless claims was 237,000, a decrease of 12,000 from the previous week’s revised level of 249,000. The four-week moving average was 246,750, a decrease of 6,750 from the previous week’s revised average of 253,500.
Interest on a 30-year fixed-rate mortgage averaged 6.96% for the week ending July 13, up from last week when it averaged 6.81%, according to Freddie Mac. A year ago at this time, the 30-year FRM averaged 5.51%. Interest on a 15-year fixed-rate mortgage averaged 6.3%, up from last week when it averaged 6.24%. A year ago at this time, the 15-year FRM averaged 4.67%.
The Producer Price Index for final demand increased 0.1% in June, seasonally adjusted, the U.S. Bureau of Labor Statistics reported. Final demand prices declined 0.4% in May and edged up 0.1% in April. On an unadjusted basis, the index for final demand advanced 0.1% for the 12 months ended in June.
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| MARKET MIRROR |
Thursday, the Dow gained 47.71 points (0.14%) to close at 34,395.14, the Nasdaq gained 219.61 points (1.58%) to close at 14,138.57 and the S&P 500 gained 37.88 points (0.85%) to close at 4,510.04. The Russell 2000 rose 17.51 points (0.91%) to close at 1,950.89, and the FT Wilshire 5000 Index rose 400.64 points (0.89%) to close at 45,634.24.
The price of the 10-year Treasury note decreased 3/32, bringing the yield to 3.768%. The price of the 30-year Treasury bond decreased 1/32, bringing the yield to 3.903%.
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PRODUCTS
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Investment Product and Service Launches
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Schwab introduces tools for workers with student loan debt; CapIntel launches proposal builder for SEC Marketing Rule compliance; Penny Finance adds automated money insight. 
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AWARDS
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2023 Best in Class 401(k) Plans
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Congratulations to our 2023 Best in Class 401(k) Plans. For the ninth year, PLANSPONSOR is recognizing 401(k) plans and their sponsors that stand out for their exceptional best practices. Plans must requalify every five years, so this year’s plans join our Best in Class 401(k) Plans designees of 2019 through 2022.
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ON THIS DATE: In 1789, a state prison on the east side of Paris, known as the Bastille, was attacked by an angry and aggressive mob, demanding the arms and munitions stored there. In 1881, gunfighter Billy the Kid was shot and killed by Sheriff Pat Garrett. In 1912, singer and songwriter Woody Guthrie was born. In 1921, Nicola Sacco and Bartolomeo Vanzetti, immigrant Italian anarchists, were found guilty of the murder of two men in Massachusetts. In 1960, British ethologist Jane Goodall first arrived at what became Gombe Stream National Park in Tanzania; there she conducted her groundbreaking research on chimpanzees. In 1969, “Easy Rider” was released in U.S. theaters, becoming a classic of 1960’s counterculture and propelling Jack Nicholson to stardom. In 2013, the world’s last telegram was sent, as India’s state-run telecommunications company ended its telegraph service. In 2016, Mohamed Lahouaiej-Bouhel drove a truck through a crowd of people celebrating Bastille Day in Nice, France, killing more than 80 people and injuring hundreds. It was France’s third major terrorist attack in 18 months. In 2017, Iranian mathematician Maryam Mirzakhami – the first woman and first Iranian to be awarded a Fields Medal – died of breast cancer at age 40.
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