| | Economic Events | | THE ECONOMIC WEEK AHEAD: Tomorrow, the Census Bureau will report about retail sales for May and business inventories for April. Wednesday, the Bureau of Labor Statistics will reveal the producer price index 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 May. Friday, the Census Bureau will report about housing starts for May. | | | Market Mirror | Major U.S. stock indices fell Friday as oil prices and bond yields dropped. The Dow lost 119.85 points (0.67%) to finish at 17,865.34, the NASDAQ closed 64.07 points (1.29%) lower at 4,894.55, and the S&P 500 was down 19.33 points (0.91%) at 2,096.15. The Russell 2000 decreased 17.27 points (1.46%) to 1,163.93, and the Wilshire 5000 fell 231.99 points (1.06%) to 21,688.79.
On the NYSE, 3.1 billion shares changed hands, with declining issues outnumbering advancing issues 4 to 1. On the NASDAQ, 2.7 billion shares traded, with a near 4 to 1 lead for decliners.
The price of the 10-year Treasury note increased 14/32, bringing its yield down to 1.640%. The price of the 30-year Treasury bond climbed 20/32, decreasing its yield to 2.457%.
WEEK’S WORTH: For the week ending June 10, the Dow was up 0.33%, the NASDAQ lost 0.97%, and the S&P 500 decreased 0.14%. The Russell 2000 was down 0.02%, and the Wilshire 5000 finished 0.25% lower. | | | Compliance | | N.J. Supreme Court Says COLAs Are Not a Contractual Right | | The New Jersey Supreme Court ruled that retired public employees do not have a contractual right to receive increasing cost-of-living adjustments (COLAs) to their pension payments.Read more > | | Committee Offers Recommendations for Determination Letter Program | | The Employee Plans Subcommittee (EP Subcommittee) of the Advisory Committee on Tax Exempt and Government Entities (ACT) has attempted to identify viable approaches the Internal Revenue Service (IRS) could take to minimize the impact on the employee plans community, while respecting the challenges faced by the IRS budgetary shortfalls and personnel reductions in ACT’s 2016 Report of Recommendations. The committee says all members “strongly concur” the IRS should not eliminate periodic determination letters under the retirement plan determination letter program, but it made another recommendation assuming the IRS will have no change of heart.Read more > | | | Small Talk | | ON THIS DATE: In 1777, the Marquis de Lafayette arrived in the American colonies to help with their rebellion against the British. In 1825, Walter Hunt patented the safety pin. In 1866, the 14th Amendment to the U.S. Constitution was passed by the U.S. Congress. It was ratified on July 9, 1868. The amendment was designed to grant citizenship to and protect the civil liberties of recently freed slaves. In 1888, the U.S. Congress created the Department of Labor. In 1912, Captain Albert Berry made the first successful parachute jump from an airplane in Jefferson, Mississippi. In 1920, the U.S. Post Office Department ruled that children may not be sent by parcel post. In 1966, the landmark Miranda v. Arizona decision was issued by the U.S. Supreme Court. The decision ruled that criminal suspects had to be informed of their constitutional rights before being questioned by police. In 1967, Solicitor General Thurgood Marshall was nominated by President Lyndon B. Johnson to become the first black justice on the U.S. Supreme Court. In 1979, Sioux Indians were awarded $105 million in compensation for the U.S. seizure in 1877 of their Black Hills in South Dakota. In 1988, the Liggett Group, a cigarette manufacturer, was found liable for a lung-cancer death. They were, however, found innocent by the federal jury of misrepresenting the risks of smoking. In 1989, the Detroit Pistons won their first National Basketball Association title. They beat the L.A. Lakers in four games. In 1994, a jury in Anchorage, Alaska, found Exxon Corp. and Captain Joseph Hazelwood to be reckless in the Exxon Valdez oil spill. | | SURVEY SAYS RESPONSES: Last week, I asked NewsDash readers, “What is the dress code for your office? Would you prefer something different, and have you seen any employees taking ‘casual’ too far?” More than 60% of responding readers reported the dress code for their office is business casual, while 22.5% said it is casual, and 11.8% indicated it is business formal. Slightly more than 5% indicated there was no official dress code for their office. Asked if their office’s dress code changes during the summer, 12% said yes. Nearly 57% of responding readers said they prefer a business casual dress code, while 30.3% prefer casual and 6.6% prefer business formal. Another 6.6% indicated they prefer no official dress code. Many readers responding to the question about coworkers violating the dress code or taking ‘casual’ too far, complained about flip-flops. Also, several agreed with the reader who said, “Leggings are NOT pants!” Others shared stories of coworkers wearing apparel that showed too much skin or too many “anatomical details,” and coworkers wearing no underwear. In comments from readers about dress codes at work, some noted that work attire has gotten way too casual, and even if there is a dress code, there will always be violators. A few long for the time when business formal was the norm. A couple offered advice, such as “If you have to ask if it’s acceptable, it’s probably not,” or to think about what your mother would think of your outfit. Editor’s Choice goes to the reader who said, “Hurray for business casual and the death of pantyhose!” Thanks to everyone who responded to the survey!Read more > | | 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 > |
|
