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June 14th, 2022
Insight on Plan Design & Investment Strategy Every Weekday
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| MARKET MIRROR |
Monday, the Dow dropped 876.05 points (2.79%) to 30,516.74, the Nasdaq fell 530.80 points (4.68%) to close at 10,809.23, and the S&P 500 decreased 151.23 points (3.88%) to 3,749.63. The Russell 2000 was down 85.69 points (4.76%) to 1,714.60, and the Wilshire 5000 decreased 1,624.04 points (4.18%) to 41,617.86.
The price of the 10-year Treasury note fell 1 30/32 bringing its yield up to 3.382%. The price of the 30-year Treasury bond decreased 3 1/32 bringing its yield up to 3.369%.
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Administration
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The Importance of Getting Beneficiary Designations
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Not having proper beneficiary designations on file can create a difficult situation for plan sponsors, and with the use of automatic enrollment, fewer participants are revealing their beneficiaries. 
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ON THIS DATE: In 1777, Congress adopted the Stars and Stripes adorned flag. During the American Revolution, the Continental Congress adopted a resolution that stated that “the flag of the United States be thirteen alternate stripes red and white” and that “the Union be thirteen stars, white in a blue field, representing a new Constellation.” In 1834 – Cyrus Hall McCormick—a surname that became associated with the eponymous brand of spices—received a patent for his reaping machine, a mechanized tool to harvest grain faster rate than manual scythes. In 1900, Hawaii became a U.S. territory. In 1907, women in Norway won the right to vote. In 1919, Captain John Alcot and Lt. Arthur Brown flew from Newfoundland to Ireland in the first non-stop trans-Atlantic flight. In 1922, President Warren G. Harding became the first president heard on the radio. In 1949, the country of Vietnam was formed. In 1951, the U.S. Census Bureau dedicated UNIVAC, the first commercially produced electronic digital computer in the United States. In 1994,the New York Rangers won the Stanley Cup for the first time since 1940, by defeating the Vancouver Canucks. In 2017, a fire tore through West London’s 24-story Grenfell tower: 72 people died, scores were injured and hundreds were left homeless from Britain’s deadliest fire in more than a century.
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