| | Products, Deals and People | | Retirement Industry People Moves | | DWC ERISA Consultants rebrands; VALIC names VP of Business Development; Ascensus to acquire Benefits of Missouri; and more.Read more > | | | Economic Events | | THE ECONOMIC WEEK AHEAD: Tomorrow, the Census Bureau will report about construction spending for June. Thursday, the Labor Department will release its initial claims report, and the Census Bureau will report about factory orders for June. Friday, the Bureau of Labor Statistics will reveal the unemployment rate for July. | | | Market Mirror | Friday, the Dow increased 33.76 points (0.15%) to 21,830.31, the NASDAQ decreased 7.51 points (0.12%) to 6,374.68, and the S&P 500 was down 3.32 points (0.13%) at 2,472.10. The Russell 2000 decreased 4.37 points (0.30%) to 1,429.25, and the Wilshire 5000 closed 36.80 points (0.14%) lower at 25,711.99.
The price of the 10-year Treasury note was up 6/32, decreasing its yield to 2.293%. The price of the 30-year Treasury bond increased 16/32, bringing its yield down to 2.896%.
WEEK’S WORTH: For the week ending July 28, the Dow increased 1.16%, the NASDAQ was down 0.20%, and the S&P 500 slipped 0.02%. The Russell 2000 decreased 0.46%, and the Wilshire 5000 was essentially unchanged. | | | Compliance | | Treasury to Wind Down myRA Program | | The U.S. Department of the Treasury announced that it will begin to wind down the myRA program after a thorough review by Treasury found it not to be cost effective. The department said demand for and investment in the myRA program has been extremely low.Read more > | | | Investing | | How Hybrid QDIAs Could Be Beneficial to Participants | | There are different ways the industry is defining hybrid qualified default investment alternatives (QDIAs), but generally it is when a certain segment of a defined contribution (DC) plan participant population is first defaulted into one vehicle, and then later defaulted into a different vehicle when certain triggers are met, according to James Martielli, head of Vanguard Defined Contribution Advisory Services. Whether structured as a hybrid QDIA or not, experts agree managed accounts can be complementary to target-date funds (TDFs) in a defined contribution (DC) plan’s investment menu.Read more > | | | Small Talk | | ON THIS DATE: In 1498, Christopher Columbus, on his third voyage to the Western Hemisphere, arrived at the island of Trinidad. In 1792, the cornerstone of the U.S. Mint in Philadelphia was laid. It was the first building to be used only as a U.S. government building. In 1928, MGM’s Leo the lion roared for the first time. He introduced MGM’s first talking picture, “White Shadows on the South Seas.” In 1948, U.S. President Harry Truman helped dedicate New York International Airport (later John F. Kennedy International Airport) at Idlewild Field. In 1955, Marilyn Bell of Toronto, Canada, at age 17, became the youngest person to swim the English Channel. In 1961, the first tie in All-Star Game major league baseball history was recorded when it was stopped in the 9th inning due to rain at Boston’s Fenway Park. In 1964, the American space probe Ranger 7 transmitted pictures of the moon’s surface. In 1971, astronauts rode in a vehicle on the moon for the first time in a lunar rover vehicle (LRV). In 1989, the Game Boy handheld video game device was released in the U.S. In 1991, U.S. President George H.W. Bush and Soviet President Mikhail Gorbachev signed the Strategic Arms Reduction Treaty. In 1995, the Walt Disney Company agreed to acquire Capital Cities/ABC in a $19 billion deal. | | SURVEY SAYS RESPONSES: Last week, I asked NewsDash readers, “What non-work activities do you engage in during work hours and how much time do you spend doing them?” As for the top activities, 40.5% of respondents said they check personal email during work, and 32.4% indicated they make personal calls and/or set up appointments. Nearly half (48.6%) of those responding estimate they spend less than half an hour engaging in non-work activities during work hours, while 40.5% estimated they spend half an hour to an hour, and 10.8% said its one to two hours. In verbatim responses, many readers expressed they feel entitled to do some personal activities during work-time, especially those who work long hours or don’t take lunch breaks. A couple mentioned they only do such activities during break times, and several mentioned that in today’s world it is hard to separate work and personal lives with so much to do. There were also some who mentioned that taking a break to do some personal activities helped them refresh and be more productive. Editor’s Choice goes to the reader who said: “I think there are some things you can only take care of during regular business hours. Some types of personal activities during work time just can’t be avoided.” Thanks to everyone who participated in the survey!Read more > | | Share the news with a friend! Pass the NewsDash along and tell your friend/associates they can sign up for their own copy.Read more > |
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