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| Economic Events | |
Total nonfarm payroll employment increased by 138,000 in May, and the unemployment rate was little changed at 4.3%, the Bureau of Labor Statistics reported. Job gains occurred in health care and mining. THE ECONOMIC WEEK AHEAD: Today, the Census Bureau will report about factory orders for April. Thursday, the Labor Department will issue its jobless claims report. Friday, the Census Bureau will report about wholesale trade for April. | |
| Market Mirror | |
Friday, the Dow gained 62.11 points (0.29%) to finish at 21,206.29, the NASDAQ closed 58.97 points (0.94%) higher at 6,305.80, and the S&P 500 was up 9.01 points (0.37%) at 2,439.07. The Russell 2000 increased 9.33 points (0.67%) to 1,405.38, and the Wilshire 5000 climbed 69.07 points (0.27%) to 25,345.27. The price of the 10-year Treasury note increased 16/32, bringing its yield down to 2.155%. The price of the 30-year Treasury bond climbed 1 7/32, decreasing its yield to 2.804%. WEEK’S WORTH: For the week ending June 2, the Dow was up 0.60%, the NASDAQ gained 1.54%, and the S&P 500 finished 0.96% higher. The Russell 2000 climbed 1.67%, and the Wilshire 5000 increased 0.95%. | |
| Compliance | |
| New Opportunity to Comment on Fiduciary Change | |
| The new Securities and Exchange Commission (SEC) Chair is calling on retirement industry stakeholders to weigh in on whether the Department of Labor (DOL) fiduciary rule is helpful or harmful.Read more > | |
| From the Magazine | |
| Income Solution Usage Stagnant | |
| For plan sponsors whose concern for their participants extends beyond the accumulation phase, determining how to help them plan for decumulation has grown increasingly important. But having to choose from in-plan or out-of-of plan products gets complicated by the risk of fiduciary breach and the various regulations detailing how to use either type.Read more > | |
| Small Talk | |
| ON THIS DATE: In 1752, Benjamin Franklin flew a kite for the first time to demonstrate that lightning was a form of electricity. In 1851, Harriet Beecher Stowe published the first installment of “Uncle Tom’s Cabin” in “The National Era.” In 1865, the first safe deposit vault was opened in New York. The charge was $1.50 a year for every $1,000 that was stored. In 1917, American men began registering for the World War I draft. In 1924, Ernst F. W. Alexanderson transmitted the first facsimile message across the Atlantic Ocean. In 1933, President Franklin Roosevelt signed the bill that took the U.S. off of the gold standard. In 1947, U.S. Secretary of State George C. Marshall gave a speech at Harvard University in which he outlined the Marshall Plan. In 1975, Egypt reopened the Suez Canal to international shipping, eight years after it was closed because of the 1967 war with Israel. In 1981, in the U.S., the Center for Disease Control and Prevention reported that five men in Los Angeles were suffering from a rare pneumonia found in patients with weakened immune systems. They were the first recognized cases of what later became known as AIDS. In 1998, Volkswagen AG won approval to buy Rolls-Royce Motor Cars for $700 million, outbidding BMW’s $554 million offer. | |
| SURVEY SAYS RESPONSES: Last week, I asked NewsDash readers, “What are your fears about taking vacation?” The answer selected by the biggest number of readers (38.3%) is ‘I will return to an unsurmountable amount of work,’ followed by 36.2% who chose ‘No one will cover my work.’ Nearly three in ten responding readers (27.7%) said they had no fears, and that someone will need them while they are on vacation. ‘Those covering my work will not do a good job’ and ‘Projects I’ve been working on will come to a stand-still’ were each selected by 21.3% of respondents. In verbatim comments, quite a few people said they fear they will not want to come back to work. Many complained about the scramble to work before vacation to get things in order then the work after vacation to catch up. However, there were readers that said there is no reason to fear taking a vacation or even with the fears, they still disconnect from work while on vacation. Editor’s Choice goes to the reader who said: “I’m the only one who does my job, so when I go on vacation the work doesn’t go away. That said, I don’t fear vacation because 1) if I drop dead life at the office will still go on and 2) no use worrying about what I cannot control. Taking time off means disconnecting so you can recharge and be a better employee, so something better be on fire and I’m holding the only extinguisher if you’re calling me while I’m out.” Thanks to everyone who participated in the survey!Read more > | |
| 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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Editorial: Alison Cooke Mintzer alison.mintzer@strategic-i.com
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