|
| Economic Events |
| Construction spending during May was estimated at a seasonally adjusted annual rate of $1,309.5 billion, 0.4% above the revised April estimate of $1,304.5 billion, the Census Bureau announced. The May figure is 4.5% above the May 2017 estimate of $1,253.6 billion. During the first five months of this year, construction spending amounted to $497.1 billion, 4.3% above the $476.7 billion for the same period in 2017. |
|
| Market Mirror |
Yesterday, the Dow was up 35.77 points (0.15%) at 24,307.18, the NASDAQ climbed 57.38 points (0.76%) to 7,567.69, and the S&P 500 closed 8.34 points (0.31%) higher at 2,726.71. The Russell 2000 gained 12.02 points (0.73%) to finish at 1,655.09, and the Wilshire 5000 increased 87.82 points (0.31%) to 28,481.95. The prices of the 10-year Treasury note and 30-year Treasury bond each were down 2/32, increasing their yields to 2.869% and 2.995%, respectively. |
|
| Sponsored message from MetLife |
| MetLife’s Roberta Rafaloff Discuss How Plan Design Can Lead to More Successful Retirement Outcomes.Read more > |
|
| Compliance |
| Cactus Feeders ESOP Fiduciaries Agree to Sizable DOL Settlement |
| Lubbock National Bank, the employee stock ownership plan’s (ESOP)’s trustee, has also agreed to take steps that will ensure it fulfills its fiduciary obligations in the future.Read more > |
| Considerations for Changing the Interest Crediting Rate in a Cash Balance Plan |
| In an issue snapshot, the Internal Revenue Service (IRS) discusses when a cash balance plan amendment reduces (or potentially reduces) the interest crediting rate.Read more > |
| Matrix Trust Company Sued Over Asset Transfers From 403(b) Plans |
| Matrix is being sued for violating its fiduciary duties because it did not verify that the transfers were authorized by the participants in the 403(b) plans or permissible under the terms of the plans.Read more > |
|
| Small Talk |
| ON THIS DATE: In 1775, U.S. Gen. George Washington took command of the Continental Army at Cambridge, Massachusetts. In 1863, the U.S. Civil War Battle of Gettysburg, Pennsylvania, ended after three days. It was a major victory for the North as Confederate troops retreated. In 1890, Idaho became the 43rd state to join the United States of America. In 1898, during the Spanish American War, a fleet of Spanish ships in Cuba’s Santiago Harbor attempted to run a blockade of U.S. naval forces. Nearly all of the Spanish ships were destroyed in the battle that followed. In 1922, “Fruit Garden and Home” magazine was introduced. It was later renamed “Better Homes and Gardens.” In 1930, Congress created the U.S. Veterans Administration. In 1934, U.S. Federal Deposit Insurance Corporation (FDIC) made its first payment to Lydia Losiger. In 1940, Bud Abbott and Lou Costello debuted on NBC radio. In 1950, U.S. carrier-based planes attacked airfields in the Pyongyang-Chinnampo area of North Korea in the first air-strike of the Korean War. In 1962, Jackie Robinson became the first African American to be inducted into the National Baseball Hall of Fame. In 1986, President Ronald Reagan presided over a ceremony in New York Harbor that saw the relighting of the renovated Statue of Liberty. In 1991, President George H.W. Bush formally inaugurated the Mount Rushmore National Memorial in South Dakota. |
| TRIVIAL PURSUITS: The Origin of TarpsRead more > |
| Enjoy the 4th, everyone! NewsDash will be back in your inbox Thursday. |
| Share the news with a friend! Pass the NewsDash along and tell your friends/associates they can sign up for their own copy.Read more > |
