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June 17th, 2024
Insight on Plan Design & Investment Strategy Every Weekday
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Administration
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PSNC 2024: Creating Committees of Excellence
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Strong committees can serve both as a boon for participants and protection for audit and litigation risk, according to panelists at this year’s PLANSPONSOR National Conference.
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ECONOMIC EVENTS |
Tuesday, the Census Bureau will report retail sales for May. Thursday, the Department of Labor will issue its initial jobless claims report, Freddie Mac will update average mortgage rates for the week and the Census Bureau will report housing starts for May. Friday, the National Association of Realtors will report existing home sales in May.
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MARKET MIRROR |
Friday, the Dow fell 57.94 points (0.15%) to close at 38,589.16, the Nasdaq rose 21.32 points (0.12%) to close at 17,688.88 and the S&P 500 fell 2.14 points (0.04%) to close at 5,431.60. The Russell 2000 fell 32.75 points (1.61%) to close at 2,006.16, and the FT Wilshire 5000 Index fell 97.25 points (0.18%) to close at 54,101.02.
For the week ending June 17, the Dow fell 0.54%, the Nasdaq rose 3.24% and the S&P 500 rose 1.58%. The Russell 2000 fell 1.01%, and the FT Wilshire 5000 Index ended 1.36% higher.
The 10-year Treasury note rose 2/32, bringing the yield to 4.228%. The 30-year Treasury bond rose 30/32, bringing the yield to 4.350%.
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DEALS AND PEOPLE
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Retirement Industry People Moves
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The Standard names a new regional VP in retirement plans; Thomason will lead Allianz’s defined contribution distribution team; Mutual of America hires Severin as president and COO; and more.
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ON THIS DATE: In 1871, James Weldon Johnson—a poet, diplomat and anthologist of African American culture—was born in Jacksonville, Florida. In 1930, the U.S. imposed the protectionist Smoot-Hawley Tariff, raising the average tariff by some 20% and worsening an already beleaguered world economy. In 1940, the Soviet Red Army invaded Latvia, which led to the incorporation of the country into the U.S.S.R. In 1943, pop singer and songwriter Barry Manilow was born in Brooklyn, New York. In 1944, Iceland declared itself a republic. In 1972, at the Watergate, an office-apartment-hotel complex in Washington, D.C., which was the headquarters of the Democratic National Committee, was broken into by five men who were later arrested, prompting the Watergate scandal that ultimately led to the resignation of President Richard M. Nixon. In 1994, former football player O.J. Simpson was charged with the murders of his ex-wife Nicole Simpson and her friend Ronald Goldman, though after a sensational trial he was acquitted the following year. In 2012, African American construction worker Rodney King—whose videotaped beating by white Los Angeles Police Department officers in March 1991 (and the officers’ subsequent treatment by the courts) sparked violent race riots—was found dead in his swimming pool in California.
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