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June 4th, 2020
Insight on Plan Design & Investment Strategy Every Weekday
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SPONSORED BY: MassMutual
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Coronavirus and Your Company’s Retirement Plan
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As more states respond to the Coronavirus by ordering people to shelter in place and closing nonessential business operations, commerce is screeching to a halt. Millions of Americans are being forced onto unemployment rolls, anxiously awaiting their next paycheck and, at least momentarily, postponing saving for retirement. 
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| Economic Events |
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New orders for manufactured durable goods in April decreased $35.4 billion or 17.2% to $170.0 billion, the U.S. Census Bureau announced. This decrease, down three of the last four months, followed a 16.6% March decrease. Excluding transportation, new orders decreased 7.4%. Excluding defense, new orders decreased 16.2%. Transportation equipment, also down three of the last four months, led the decrease, $23.9 billion or 47.3% to $26.6 billion.
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| Market Mirror |
Wednesday, the Dow climbed 527.24 points (2.05%) to 26,269.89, the NASDAQ was up 74.54 points (0.78%) at 9,682.91, and the S&P 500 increased 42.05 points (1.36%) to 3,122.87. The Russell 2000 closed 33.88 points (2.39%) higher at 1,452.09, and the Wilshire 5000 gained 464.31 points (1.48%) to finish at 31,830.25.
The price of the 10-year Treasury note decreased 28/32, bringing its yield up to 0.752%. The price of the 30-year Treasury bond fell 1 2/32, increasing its yield to 1.542%.
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ON THIS DATE: In 1896, Henry Ford made a successful test drive of his new car in Detroit, Michigan. He called the vehicle a “Quadricycle.” In 1919, the 19th Amendment to the U.S. Constitution, guaranteeing American women the right to vote, was passed by Congress and sent to the states for ratification. In 1939, the first shopping cart was introduced by Sylvan Goldman in Oklahoma City, Oklahoma. It was a folding chair that had been mounted on wheels. In 1942, during World War II, the Battle of Midway began. In 1947, the House of Representatives approved the Taft-Hartley Act. In 1974, Sally Murphy became the first woman to qualify as an aviator with the U.S. Army. In 1989, Chinese troops stormed through Tiananmen Square in the center of Beijing, killing and arresting thousands of pro-democracy protesters. In 1998, George and Ira Gershwin received a star on the Hollywood Walk of Fame.
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