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July 3rd, 2023
Insight on Plan Design & Investment Strategy Every Weekday
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Benefits
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PSNC 2023: DB Plan Design
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Speakers advise plan sponsors on what to consider when looking to terminate their defined benefit plans and offering lump sums to participants. 
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| ECONOMIC EVENTS |
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Monday, the Census Bureau will report new construction spending for May. Wednesday, the Census Bureau will report factory orders for May. Thursday, the Department of Labor will issue its initial jobless claims report and Freddie Mac will update average mortgage rates for the week. Friday, the Bureau of Labor Statistics will report the unemployment rate for June.
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| MARKET MIRROR |
Friday, the Dow rose 285.18 points (0.84%) to close at 34,407.60, the Nasdaq rose 196.59 points (1.45%) to close at 13,787.92 and the S&P 500 rose 53.94 points (1.23%) to close at 4,450.38. The Russell 2000 rose 7.14 points (0.38%) to close at 1,888.73 and the FT Wilshire 5000 Total Market Index rose 504.26 points (1.14%) to close at 44,883.61.
The price of the 10-year Treasury note rose 0/32, bringing the yield to 3.844%. The price of the 30-year Treasury bond fell 2/32, bringing the yield to 3.863%.
For the week ending June 30, the Dow rose 2.02%, the Nasdaq rose 2.19% and the S&P 500 rose 2.35%. The Russell 2000 rose 3.68%, and the FT Wilshire 5000 Total Market Index finished 2.55% higher.
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RESEARCH
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2023 Recordkeeping Survey
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Industry updates call for providers to add services—how much platform rebuilding must they do?
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DEALS AND PEOPLE
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Retirement Industry People Moves
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T. Rowe Price names new head of global distribution; Bank of America announces Korkow president of Omaha; Northern Trust appoints Calcagno as senior wealth strategist; and more.
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ON THIS DATE: In 1775, George Washington officially assumed command of the Continental Army during the American Revolution, several weeks after being appointed to the post. In 1856, the House of Representatives voted to admit Kansas to statehood under the antislavery resolution known as the Topeka Constitution, despite the opposition of the Senate and President Franklin Pierce. In 1863, following three days of intense fighting—casualties totaled more than 50,000—the Battle of Gettysburg ended with a victory for the Union forces and was seen as a turning point in the Civil War. In 1962, actor Tom Cruise—who is one of Hollywood’s most popular leading men, known for his clean-cut good looks and versatility—was born. In 1969, just weeks after being fired from the Rolling Stones, British musician Brian Jones was found dead in his swimming pool. In 1971, singer and songwriter Jim Morrison, who was a member of the psychedelic rock group the Doors, died at age 27 in Paris; the official cause of death was heart failure. In 2013, following massive demonstrations against his rule, Egyptian President Mohamed Morsi was removed from office by a military action.
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