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July 18th, 2024
Insight on Plan Design & Investment Strategy Every Weekday
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| ECONOMIC EVENTS |
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Privately-owned housing starts in June were at a seasonally adjusted annual rate of 1,353,000, the Census Bureau announced. This is 3.0% above the revised May estimate of 1,314,000, but is 4.4% below the June 2023 rate of 1,415,000. Single-family housing starts in June were at a rate of 980,000; this is 2.2% below the revised May figure of 1,002,000. The June rate for units in buildings with five units or more was 360,000.
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| MARKET MIRROR |
Wednesday, the Dow rose 243.60 points (0.59%) to close at 41,19.08, the Nasdaq fell 512.42 points (2.77%) to close at 17,996.93 and the S&P 500 fell 78.93 points (1.39%) to close at 5,588.27. The Russell 2000 fell 24.00 points (1.06%) to close at 2,239.67, and the FT Wilshire 5000 Index fell 807.91 points (1.42%) to close at 55,992.90.
The 10-year Treasury note was unchanged, bringing the yield to 4.161%. The 30-year Treasury bond was unchanged, bringing the yield to 4.376%.
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ON THIS DATE: In 1918, General Ferdinand Foch launched a counterstrike that forced the Germans into a hasty retreat during the Second Battle of the Marne, the last large German offensive of World War I. In 1921, John Glenn—the first U.S. astronaut to orbit Earth, completing three orbits in 1962—was born. In 1927, baseball player Ty Cobb collected his 4,000th career hit. In 1944, allied forced captured the French town of Saint-Lo, a vital communications center, during World War II. In 1976, for her performance in the uneven parallel bars at the Olympic Games in Montreal, Nadia Comaneci of Romania became the first gymnast to be awarded a perfect score of 10 in an Olympic gymnastics event. In 2013, Detroit submitted a claim for Chapter 9 bankruptcy protection, the largest such filing for a U.S. city ever; the city officially emerged from bankruptcy the following year.
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