| Economic Events | THE ECONOMIC WEEK AHEAD: Tomorrow, the Census Bureau will report about housing starts for May. Wednesday, the National Association of Realtors will report about existing home sales for May. Thursday, the Labor Department will issue its initial claims report. | | Market Mirror | Friday, the Dow closed 84.83 points (0.34%) lower at 25,090.48, the NASDAQ gave up 14.66 points (0.19%) to finish at 7,746.38, and the S&P 500 lost 2.83 points (0.10) to close at 2,779.66. The Russell 2000 shed 0.82 points (0.05%) to 1,683.91, and the Wilshire 5000 lost 29.77 points (0.10%) to finish at 29,036.09. The price of the 10-year Treasury note was up 5/32, decreasing its yield to 2.919%. The price of the 30-year Treasury bond increased 7/32, bringing its yield down to 3.044%. WEEK’S WORTH: For the week ending June 15, the Dow lost 0.89%, the NASDAQ climbed 1.32%, and the S&P 500 was up 0.02%. The Russell 2000 finished 0.68% higher, and the Wilshire 5000 increased 0.17%. | | Sponsored message from Vanguard | The Markets Became Volatile-What Will Your Participants Do About It? Target-date funds can protect participants from impulsive reactions to market volatility.Read more > | | Compliance | Long-Term Loans Seen As Solution for Multiemployer Pension Crisis | In kicking off testimony before the Joint Select Committee on the Solvency of Multiemployer Pension Plans, Senator Sherrod Brown, D-Ohio, committee co-chair, said it is imperative “to find a bipartisan solution to the crisis threatening 1.3 million Americans.” If a solution is not found, “claims for financial assistance by plans will quickly bankrupt the Pension Benefit Guaranty Corporation [PBGC] multiemployer insurance program,” Christopher Langan, vice president of finance for United Parcel Service (UPS), told the committee. The solution is not to require employers to contribute more, reducing benefits for retirees is not an option either. Langan said that a long-term, low-interest-rate loan program “could save the most troubled plans without imposing undue hardship on participants, contributing employers, the PBGC, the federal government, taxpayers or healthy plans.”Read more > | PSNC 2018: Fiduciary Services and Support | The second day of the 2018 PLANSPONSOR National Conference (PSNC), in Washington, D.C., featured an in-depth panel discussion on the evolving topic of fiduciary services and risk outsourcing, in both the 3(21) and 3(38) capacities. “When thinking about fiduciary support services and outsourcing, really the important considerations should be about process and time management, more than fiduciary risk transfer,” Christopher Kulick, senior vice president and financial adviser with CAPTRUST, suggested. “When it comes to deciding whether 3(21) advisory services or 3(38) discretionary investment management services are appropriate, there are a few key questions to ask.”Read more > | | Investing | PSNC 2018: Selecting the Optimal QDIA | How Hearst Corp. followed a prudent process to choose its qualified default investment alternative (QDIA).Read more > | | Small Talk | ON THIS DATE: In 1778, Britain evacuated Philadelphia during the U.S. Revolutionary War. In 1812, the War of 1812 began as the U.S. declared war against Great Britain. The conflict began over trade restrictions. In 1863, J.J. Richardson received a patent for the ratchet wrench. In 1873, Susan B. Anthony was fined $100 for attempting to vote for a U.S. President. In 1928, Amelia Earhart became the first woman to fly across the Atlantic Ocean as she completed a flight from Newfoundland to Wales. In 1942, the U.S. Navy commissioned its first black officer, Harvard University medical student Bernard Whitfield Robinson. In 1948, the United Nations Commission on Human Rights adopted its International Declaration of Human Rights. In 1961, “Gunsmoke” was broadcast for the last time on CBS radio. In 1979, in Vienna, U.S. President Jimmy Carter and Leonid Brezhnev signed the Strategic Arms Limitation Treaty (SALT) 2. In 1983, Dr. Sally Ride became the first American woman in space aboard the space shuttle Challenger. | Share the news with a friend! Pass the NewsDash along and tell your friends/associates they can sign up for their own copy.Read more > |
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