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| Market Mirror | |
U.S. stock indices ended lower Monday as uncertainty mounts over Greece’s bailout talks with its creditors, according to the Associated Press. The Dow fell 107.67 points (0.60%) to 17,791.17, the NASDAQ decreased 21.13 points (0.42%) to 5,029.97, and the S&P 500 lost 9.68 points (0.46%) to finish at 2,084.43. The Russell 2000 was down 3.98 points (0.31%) at 1,261.04, and the Wilshire 5000 closed 94.32 points (0.43%) lower at 22,079.35. On the NYSE, 3.2 billion shares traded, with decliners outnumbering advancers nearly 2 to 1. On the NASDAQ, nearly 2.9 billion shares changed hands, with 1.4 declining issues for every advancing issue. The prices of the 10-year Treasury note and 30-year Treasury bond both increased 11/32, bringing their yields down to 2.358% and 3.090%, respectively. | |
| Compliance | |
| Employer Sued for Reducing Worker Hours After ACA | |
| An employee of Dave & Buster’s Inc. in New York City has filed a lawsuit claiming the company violated the Employee Retirement Income Security Act (ERISA) Section 510 interference of benefits provisions when it reduced full-time employees’ hours following passage of the Patient Protection and Affordable Care Act (ACA).Read more > | |
| Court Orders Trial for Determining Plan’s Top Hat Status | |
| A federal court has determined there is inconclusive evidence regarding whether or not a wealth accumulation plan (WAP) offered to executives of RBC Capital Markets Corporation is a “top hat” plan, exempt from certain Employee Retirement Income Security Act (ERISA) provisions. There are still questions about the selectivity requirement for a plan to be considered a top hat plan. Since the issue is not clear, the U.S. District Court for the Southern District of Texas said the case must move to trial.Read more > | |
| Investing | |
| Institutional Investors Unprepared for Tail Risk | |
| Nearly two-thirds (66%) of the 735 institutional investors surveyed by Allianz Global Investors think tail risk has become an increasing worry since the financial crisis. The majority of respondents, though, rely on traditional asset allocation and risk-management strategies to protect their portfolios, with 61% utilizing asset class diversification and 56% geographic diversification. With the inter-connectedness of markets, such diversification will become less effective in mitigating for drawdown risk, the firm says.Read more > | |
| Strategic Insight (SI) reports net inflows across stock and bond fund investments totaled $21.7 billion during May—including a net intake for equity funds totaling $14.7 billion. International equity funds posted an impressive $25.9 billion inflow, while U.S. Equity funds saw monthly net outflows of $11.2 billion.Read more > | |
| Small Talk | |
ON THIS DATE: In 1884, the first roller coaster in America opened at Coney Island, in Brooklyn, New York. In 1952, “Anne Frank: Diary of a Young Girl” was published in the United States. In 1968, golfer Lee Trevino won his first U.S. Open at the Oak Hill Country Club in Rochester, New York. In 1999, the U.S. Circuit Court of Appeals said that a 1992 federal music piracy law does not prohibit a palm-sized device that can download high-quality digital music files from the Internet and play them at home. In 2008, California began issuing marriage licenses to same-sex couples.
TUESDAY TRIVIA: The city of Sydney in Australia contains about one-fifth of the residents of the entire continent. | |
| TRIVIAL PURSUITS: Which is hotter: a bolt of lightning or the sun?Read more > | |
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Editorial: Alison Cooke Mintzer alison.mintzer@strategic-i.com
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