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June 24th, 2020
Insight on Plan Design & Investment Strategy Every Weekday
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| Economic Events |
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Sales of new single-family houses in May were at a seasonally adjusted annual rate of 676,000, according to estimates released jointly by the U.S. Census Bureau and the Department of Housing and Urban Development. This is 16.6% above the revised April rate of 580,000 and is 12.7% above the May 2019 estimate of 600,000.
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| Market Mirror |
Tuesday, the Dow climbed 131.14 points (0.50%) to 26,156.10, the NASDAQ closed 74.89 points (0.74%) higher at 10,131.37, and the S&P 500 increased 13.43 points (0.43%) to 3,131.29. The Russell 2000 was up 5.81 points (0.41%) at 1,439.34, and the Wilshire 5000 gained 124.76 points (0.39%) to finish at 31,946.16.
The price of the 10-year Treasury note was down 1/32, increasing its yield to 0.715%. The price of the 30-year Treasury bond decreased 6/32, bringing its yield up to 1.490%.
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Ask the Experts
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Excluding Employees From the Right to Make 403(b) Elective Deferrals
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“I work with a charter school that wishes to exclude certain employees from the right to make elective deferrals to its 403(b) plan. Specifically, the school wishes to exclude employees who would work less than 10 hours per week and employees who would defer less than $10 per month. Can they exclude such employees from the right to make elective deferrals in this manner without violating the universal availability rules?” 
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ON THIS DATE: In 1922, the American Professional Football Association took the name National Football League. In 1948, the Soviet Union began the Berlin Blockade, during which it blocked the Western Allies’ railway, road, and canal access to the sectors of Berlin under Western control. In 1964, the Federal Trade Commission announced that starting in 1965, cigarette manufactures would be required to include warnings on their packaging about the harmful effects of smoking. In 1982, the U.S. Supreme Court ruled 5-4 that no president could be sued for damages connected with actions taken while serving as President of the United States. In 1986, the Empire State Building was designated a National Historic Landmark. In 1997, U.S. Air Force officials released a 231-page report dismissing long-standing claims of an alien spacecraft crash in Roswell, New Mexico, almost exactly 50 years earlier.
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WEDNESDAY WISDOM: “Adopt the pace of nature: her secret is patience.”—Ralph Waldo Emerson, American essayist
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