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June 3rd, 2024
Insight on Plan Design & Investment Strategy Every Weekday
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ECONOMIC EVENTS |
Monday, the Census Bureau will report construction spending for April. Thursday, the Department of Labor will issue its initial jobless claims report and Freddie Mac will update average mortgage rates for the week. Friday, the Bureau of Labor Statistics will report the unemployment rate for May.
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MARKET MIRROR |
Friday, the Dow rose 574.84 points (1.51%) to close at 38,686.32, the Nasdaq fell 2.06 points (0.01%) to close at 16,735.02 and the S&P 500 rose 42.03 points (0.80%) to close at 5,277.51. The Russell 2000 rose 13.53 points (0.66%) to close at 2,070.13, and the FT Wilshire 5000 Index rose 383.26 points (0.73%) to close at 52,875.62.
The 10-year Treasury note fell 2/32 , bringing the yield to 4.502%. The 30-year Treasury bond fell 1/32, bringing the yield to 4.650%.
For the week ending May 31, the Dow fell 0.98%, the Nasdaq fell 1.10% and the S&P 500 fell 0.51%. The Russell 2000 rose 0.02%, and the FT Wilshire 5000 Index finished 0.59% lower.
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DEALS AND PEOPLE
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Retirement Industry People Moves
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New York Life Group promotes two into expanded leadership roles; Ocorian taps Buick as CFO; Mao named nonresident scholar at Georgetown’s retirement center; and more.
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ON THIS DATE: In 1864, one of the worst Northern defeats of the Civil War, the second Battle of Cold Harbor (Virginia), which would result in the loss of about 7,000 Union soldiers under General Ulysses S. Grant, began. In 1926, poet Allen Ginsberg, a central figure in the Beat movement, was born in Newark, New Jersey. In 1932, Lou Gehrig hit four consecutive home runs in one game. In 1943, in Los Angeles, clashes erupted between U.S. servicemen and Mexican American youth wearing zoot suits; the “Zoot Suit Riots,” as they became known, occurred during a period of heightened racial tensions in the country. In 1985, the talk show “Larry King Live,” debuted on CNN, and it became hugely popular, in part because of King’s easygoing interviewing style. In 1989, the Chinese government called in the military to put down a pro-democracy demonstration carried out by more than 100,000 people in Tiananmen Square in Beijing, resulting in hundreds of deaths. The same year, Iranian Shiʿi cleric Ruhollah Khomeini—who led the revolution that overthrew Mohammad Reza Shah Pahlavi in 1979 and later served as Iran’s ultimate political and religious authority—died in Tehrān. In 1992, a lawsuit brought before the High Court of Australia by activist Eddie Koiki Mabo was decided in favor of Torres Strait Islander peoples and Aboriginal peoples. The Mabo case established land rights for all Indigenous peoples in Australia. In 2001, Mel Brooks’ musical, “The Producers,” starring Matthew Broderick and Nathan Lane, won a record-setting 12 Tony Awards. In 2016, boxer and social activist Muhammad Ali—who justified his self-proclaimed nickname “the Greatest” by becoming arguably the most admired and dominant heavyweight boxer in the history of the sport—died at age 74.
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