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| Economic Events | |
Total nonfarm payroll employment increased by 213,000 in June, and the unemployment rate rose to 4.0%, the Bureau of Labor Statistics reported. Job growth occurred in professional and business services, manufacturing, and health care, while retail trade lost jobs. THE ECONOMIC WEEK AHEAD: Wednesday, the Bureau of Labor Statistics will reveal the producer price index for June and the Census Bureau will report about wholesale trade for May. Thursday, the Labor Department will issue its initial claims report, and the Bureau of Labor Statistics will reveal the consumer price index for June. | |
| Sponsored message from Wells Fargo | |
| Moving From Inertia to Income: Insights Into Delivering Successful Retirement Outcomes New research: Actions you can take to help meet the changing retirement income needs of your clientsRead more > | |
| Market Mirror | |
Friday, the Dow closed 99.74 points (0.41%) higher at 24,456.48, the NASDAQ gained 101.96 points (1.34%) to finish at 7,688.39, and the S&P 500 increased 23.21 points (0.85%) to 2,759.82. The Russell 2000 was up 14.57 points (0.87%) at 1,694.05, and the Wilshire 5000 climbed 247.7 points (0.87%) to 28,869.28.
The price of the 10-year Treasury note was up 3/32, decreasing its yield to 2.823%. The price of the 30-year Treasury bond increased 11/32, bringing its yield down to 2.931%. WEEK’S WORTH: For the week ending July 6, the Dow was up 0.76%, the NASDAQ gained 2.37%, and the S&P 500 increased 1.52%. The Russell 2000 climbed 3.10%, and the Wilshire 5000 finished 1.67% higher. | |
| Compliance | |
| Tax Reform Change to Plan Loans Requires Updates to Documents | |
| The new law extends the time a participant has to repay loans from 60 days after an offset to the date their tax return is due.Read more > | |
| From the Magazine | |
| DB Focus: Rising Costs | |
| Insurance: In theory, it is an arrangement that brings together large groups of people to share common risks, where each pays a charge that is small relative to the potential exposure. In practice, though, costs can get out of proportion—as they have in the case of the premiums charged to corporate defined benefit (DB) plans for Pension Benefit Guaranty Corporation (PBGC) insurance coverage to make good on pension plan defaults. PBGC premiums are high, but there are ways to control them.Read more > | |
| Small Talk | |
| ON THIS DATE: In 1776, the American Declaration of Independence was read aloud to Gen. George Washington’s troops in New York. In 1792, S.L. Mitchell of Columbia College in New York City became the first Professor of Agriculture. In 1847, a 10-hour work day was established for workers in the state of New Hampshire. In 1868, the 14th Amendment to the U.S. Constitution was ratified. The amendment was designed to grant citizenship to and protect the civil liberties of recently freed slaves. In 1872, the doughnut cutter was patented by John F. Blondel. In 1877, Alexander Graham Bell, Gardiner Greene Hubbard, Thomas Sanders and Thomas Watson formed the Bell Telephone Company. In 1878, the corncob pipe was patented by Henry Tibbe. In 1900, the Commonwealth of Australia was established by an act of the British Parliament, uniting the separate colonies under a federal government. In 1922, Johnny Weissmuller became the first person to swim the 100 meters freestyle in less than a minute. In 1971, the United States turned over complete responsibility of the Demilitarized Zone to South Vietnamese units. In 1985, Herschel Walker of the New Jersey Generals was named the Most Valuable Player in the United States Football League (USFL). In 1997, Mike Tyson was banned from the boxing ring and fined $3 million for biting the ear of opponent Evander Holyfield. In 2005, Danny Way, a daredevil skateboarder, rolled down a large ramp and jumped across the Great Wall of China. He was the first person to clear the wall without motorized aid. In 2015, the South Carolina House of Representatives approved taking down the Confederate flag from the Capitol grounds. The flag was removed the next day and taken to a state military museum. | |
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Editorial: Alison Cooke Mintzer alison.mintzer@strategic-i.com
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