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July 26th, 2024
Insight on Plan Design & Investment Strategy Every Weekday
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| ECONOMIC EVENTS |
In the week ending July 20, the advance figure for seasonally adjusted initial claims was 235,000, a decrease of 10,000 from the previous week’s revised level of 245,000, the Department of Labor reported. The four-week moving average was 235,500, an increase of 250 from the previous week’s revised average of 235,250.
Interest on a 30-year fixed-rate mortgage averaged 6.78% for the week ending July 25, up from last week when it averaged 6.77%, Freddie Mac reported. A year ago at this time, the 30-year FRM averaged 6.81%. Interest on a 15-year fixed-rate mortgage averaged 6.07%, up from last week when it averaged 6.05%. A year ago at this time, the 15-year FRM averaged 6.11%.
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| MARKET MIRROR |
Thursday, the Dow rose 81.20 points (0.20%) to close at 39,935.07, the Nasdaq fell 160.69 points (0.93%) to close at 17,181.72 and the S&P 500 fell 27.91 points (0.51%) to close at 5,399.22. The Russell 2000 rose 27.61 points (1.26%) to close at 2,222.98, and the FT Wilshire 5000 Index fell 174.52 points (0.32%) to close at 54,228.21.
The 10-year Treasury note increased 26/32, bringing the yield to 4.246%. The 30-year Treasury bond increased 32/32, bringing the yield to 4.486%.
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PRODUCTS
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Product & Service Launches
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Milliman goes with Hueler’s annuity marketplace for participants; vWise offers AI-generated video creation for participants; Paychex PEP offering tops $1B in assets; and more. 
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WEBINAR
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Financial Wellness - September 19, 2 PM ET
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Plan sponsors, advisers and policy experts will offer suggestions for how best to define and measure the financial wellness of participants and drive financial confidence. The panel will also review how they evaluate the myriad new offerings and offer tangible metrics for determining which offerings bring the most value to employees.
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ON THIS DATE: In 1956, the Egyptian President Gamal Abdel Nasser seized control of the Suez Canal and nationalized it, sparking a crisis that later resulted in French, British and Israeli forces briefly occupying parts of Egypt. In 1964, actress Sandra Bullock, known for her charismatic energy and wit on-screen, was born. In 1965, the Republic of Maldives gained its independence from Britain. In 1990, The Americans with Disabilities Act was signed into law by President George H.W. Bush; the legislation provided civil rights protections to individuals with physical and mental disabilities and guaranteed them equal opportunity in public accommodations, employment, transportation, state and local government services, and telecommunications. In 2004, in responses to an explosion of violence in the Darfur region, the European Union advocated that the United Nations institute economic sanctions against Sudan. In 2016, at the Democratic National Convention, Hillary Clinton was officially nominated for president, becoming the first woman to top the presidential ticket of a major party in the U.S. In 2020, actress Olivia de Havilland, who won Academy Awards for her performances in “To Each His Own” and “The Heiress,” died at age 104.
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