 |
|
|
|
| Economic Events | |
| New orders for manufactured durable goods in May, down following two consecutive monthly increases, decreased $5.4 billion or 2.3% to $230.4 billion, down from the previously published 2.2% decrease, the Census Bureau reported. This followed a 3.2% April increase. Transportation equipment, also down following two consecutive monthly increases, led the decrease, falling $4.9 billion or 5.7% to $81.8 billion. New orders for manufactured nondurable goods increased $0.8 billion or 0.3% to $224.9 billion. | |
| Market Mirror | |
Tuesday, the Dow lost 108.75 points (0.61%) to finish at 17,840.62, the NASDAQ closed 39.67 points (0.82%) lower at 4,822.90, and the S&P 500 was down 14.90 points (0.71%) at 2,088.05. The Russell 2000 decreased 17.32 points (1.50%) to 1,139.45, and the Wilshire 5000 fell 166.49 points (0.77%) to 21,572.57. On the NYSE, 3.1 billion shares changed hands, and on the NASDAQ, 2.7 billion shares traded, with a 2.7 to 1 ratio of advancing issues to declining issues on both exchanges. The price of the 10-year Treasury note increased 20/32, bringing its yield down to 1.378%. The price of the 30-year Treasury bond climbed 1 18/32, decreasing its yield to 2.157%. | |
| Compliance | |
| American Century Accused of Self-Dealing in Its 401(k) | |
| American Century Services and other fiduciaries to its 401(k) plan have been accused of using the plan as an opportunity to promote American Century’s mutual fund business and maximize profits at the expense of the plan and its participants. In a statement to PLANSPONSOR, American Century said, “The suit is without merit, and we intend to mount a vigorous defense.”Read more > | |
| Excessive Fee Suit Calls Out Custom TDFs | |
| A lawsuit asserts that fiduciaries to the Fujitsu Group Defined Contribution and 401(k) Plan hired an investment adviser with no public track record of managing or designing TDFs to create a set of custom TDFs, among other charges.Read more > | |
| From the Magazine | |
| Choosing a Philosophy | |
| In order to work, shop, etc., you need to have a car. One route is to buy a basic sedan: relatively cheap, as cars go, and predictably economical to operate. A more upmarket vehicle could give you a nicer ride and more luxurious features, but it will cost more, both in sticker price and operation and maintenance. Participants in defined contribution (DC) plans, and the sponsors that design the plans, face the same type of choice when considering passive or active equity funds.Read more > | |
| Small Talk | |
| Eighty percent of professionals surveyed by Accountemps said they believe office politics is alive and well. Of those 80%, 46% identified gossiping or spreading rumors as the most common office politics activities. Twenty-eight percent identified gaining favor by flattering the boss as the most common.Read more > | |
ON THIS DATE: In 1699, Captain William Kidd, the pirate, was captured in Boston and deported back to England. In 1885, Louis Pasteur successfully tested his anti-rabies vaccine. In 1923, the Union of Soviet Socialist Republics (USSR) was established. In 1933, the first All-Star baseball game was held in Chicago. The American League beat the National League 4-2. In 1942, diarist Anne Frank and her family took refuge from the Nazis in Amsterdam. In 1945, U.S. President Truman signed an order creating the Medal of Freedom. In 1948, Frieda Hennok became the first woman to serve as the commissioner of the Federal Communications Commission. In 1983, the U.S. Supreme Court ruled that retirement plans could not pay women smaller monthly payments solely because of their gender. WEDNESDAY WISDOM: “Tact is the ability to describe others as they see themselves.”—Abraham Lincoln | |
| Share the good news with a friend! Pass the NewsDash along—and tell your friends/associates they can sign up for their own copy.Read more > |
|
|
|
Editorial: Alison Cooke Mintzer alison.mintzer@strategic-i.com
Advertising: advertise@strategic-i.com
Subscribe to NEWSDash, click here .
To unsubscribe, click here.
|
BrightScope /
CIO /
FWW /
Investor Economics /
LiquidMetrix /
Market Metrics /
Matrix Solutions /
PLANADVISER /
Plan For Life /
PLANSPONSOR /
Simfund |