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July 21st, 2022
Insight on Plan Design & Investment Strategy Every Weekday
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Compliance
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ERISA Lawsuit Levelled at Another Health System
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The complaint alleges that an imprudent fiduciary process resulted in the selection and maintenance of several funds in the plan that ‘wasted assets because of unnecessary costs.’ 
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| Economic Events |
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Existing-home sales dropped for the fifth straight month in June, according to the National Association of Realtors. Three out of four major U.S. regions experienced month-over-month sales declines and one region held steady. Year-over-year sales sank in all four regions. Total existing-home sales, completed transactions that include single-family homes, townhomes, condominiums and co-ops, dipped 5.4% from May to a seasonally adjusted annual rate of 5.12 million in June. Year-over-year, sales fell 14.2% (5.97 million in June 2021).
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| Market Mirror |
Wednesday, the Dow gained 47.79 points (0.15%) to reach 31,874.84, the Nasdaq gained 184.50 points (1.58%) to close at 11,897.65 and the S&P 500 increased 23.21 points (0.59%) to 3,959.90. The Russell 2000 gained 28.62 points (1.59%) to 1,827.95 and the Wilshire 5000 increased 339.63 points (0.87%) to 39,556.24.
The price of the 10-year Treasury note decreased 1/32 bringing its yield up to 3.031%. The price of the 30-year Treasury bond increased 2/32 bringing its yield down to 3.166%.
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ON THIS DATE: In 1733, John Winthrop was granted the first honorary Doctor of Law Degree given by Harvard College. In 1861, the first major battle of the U.S. Civil War began. It was the Battle of Bull Run at Manassas Junction, Virginia. The Confederates won the battle. In 1899, Ernest Miller Hemingway, author of such novels as “For Whom the Bell Tolls” and “The Old Man and the Sea,” was born in Oak Park, Illinois. In 1925, the “Monkey Trial” ended in Dayton, Tennessee. John T. Scopes was convicted and fined $100 for violating the state prohibition on teaching Darwin’s theory of evolution. The conviction was later overturned on a legal technicality because the judge had set the fine instead of the jury. In 1930, the Veterans Administration of the United States was established. In 1954, the Geneva Conference partitioned Vietnam into North Vietnam and South Vietnam. In 1957, Althea Gibson became the first black woman to win a major U.S. tennis title when she won the Women’s National clay-court singles competition. In 1961, Captain Virgil “Gus” Grissom became the second American to rocket into a sub-orbital pattern around the Earth. He was flying on the Liberty Bell 7. In 2002, WorldCom Inc. filed for Chapter 11 bankruptcy protection. At the time it was the largest bankruptcy in U.S. history. In 2004, White House officials were briefed on the September 11 commission’s final report. The 575-page report concluded that hijackers exploited “deep institutional failings within our government.” The report was released to the public the next day. In 2011, NASA’s space shuttle program completed its final, and 135th, mission, when the shuttle Atlantis landed at Kennedy Space Center in Florida.
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