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June 23rd, 2023
Insight on Plan Design & Investment Strategy Every Weekday
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| ECONOMIC EVENTS |
In the week ending June 17, the advance figure for seasonally adjusted initial jobless claims was 264,000, unchanged from the previous week’s revised level of 264,000, the Department of Labor reported. The four-week moving average was 255,750, an increase of 8,500 from the previous week’s revised average of 247,250.
Interest on a 30-year fixed-rate mortgage averaged 6.67% for the week ending June 22, down from last week when it averaged 6.69%, according to Freddie Mac. A year ago at this time, the 30-year FRM averaged 5.81 %. Interest on a 15-year fixed-rate mortgage averaged 6.03%, down from last week when it averaged 6.10%. A year ago at this time, the 15-year FRM averaged 4.29%.
Existing-home sales marginally increased in May, according to the National Association of Realtors. All four regions experienced year-over-year sales declines. Total existing-home sales, completed transactions that include single-family homes, townhomes, condominiums and co-ops, rose 0.2% from April to a seasonally adjusted annual rate of 4.30 million in May. Year-over-year, sales dropped 20.4% (down from 5.40 million in May 2022).
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| MARKET MIRROR |
Thursday, the Dow fell 4.81 points (0.01%) to close at 33,946.71, the Nasdaq rose 128.41 points (0.95%) to close at 13,630.61 and the S&P 500 rose 16.20 points (0.37%) to close at 4,381.89. The Russell 2000 lost 14.84 points (0.80%) to close at 1,848.18, and the FT Wilshire Index gained 109.51 points (0.25%) to close at 44,130.70.
The price of the 30-year Treasury note decreased 28/32, bringing the yield to 3.797%. The price of the 30-year Treasury bond decreased 1 1/32, bringing the yield to 3.874%.
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ON THIS DATE: In 1314, the Battle of Bannockburn began. This was a decisive engagement in Scottish history whereby the Scots defeated the English, regained their independence and established Robert the Bruce as Robert I. In 1868, inventor Christopher Latham Sholes and two others were granted a patent for the typewriter. In 1925, an expedition under A.H. MacCarthy and H.F. Lambert became the first to reach the summit of Mount Logan, the second highest mountain in North America. In 1940, sprinter Wilma Rudolph, the first American woman to win three track-and-field gold medals in a single Olympics, was born. In 1961, the Antarctic Treaty was enacted, reserving the entire continent for free and nonpolitical scientific investigation. In 2006, American television producer Aaron Spelling—whose credits included a number of hugely successful shows including The Mod Squad and Charlie’s Angels—died in Los Angeles. In 2016, the U.K. voted in a referendum to withdraw from the European Union, with 51.9% supporting Britain’s exit (“Brexit”) and 48.1% opposing the move; it marked the first time a country had decided to leave the organization.
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