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June 7th, 2024
Insight on Plan Design & Investment Strategy Every Weekday
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Benefits
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PSNC 2024: DB Plan Maintenance
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How sponsors of defined benefit pension funds can enhance their maintenance of those offerings, plus considerations for including DB plans in the total retirement planning picture. 
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| ECONOMIC EVENTS |
In the week ending June 1, the advance figure for seasonally adjusted initial claims was 229,000, an increase of 8,000 from the previous week’s revised level of 221,000. The four-week moving average was 222,250, a decrease of 750 from the previous week’s revised average of 223,000.
Interest on a 30-year fixed-rate mortgage averaged 6.99% for the week ending June 6, down from last week when it averaged 7.03%, Freddie Mac reported. A year ago at this time, the 30-year FRM averaged 6.71%. Interest on a 15-year fixed-rate mortgage averaged 6.29%, down from last week when it averaged 6.36%. A year ago at this time, the 15-year FRM averaged 6.07%.
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| MARKET MIRROR |
Thursday, the Dow rose 78.84 points (0.20%) to close at 38,886.17, the Nasdaq fell 14.78 points (0.09%) to close at 17,173.12, the S&P 500 fell 1.07 points (0.02%) to close at 5,352.96. The Russell 2000 fell 14.43 points (0.70%) to close at 2,049.44, and the FT Wilshire 5000 Index fell 36.70 points (0.07%) to close at 53,490.80.
The 10-year Treasury note decreased 1/32, bringing the yield to 4.300%. The 30-year Treasury bond decreased 23/32, bringing the yield to 4.446%.
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PRODUCTS
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Product & Service Launches
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Mercer offers private market investing access to individual cilents; Vanguard shifts an investment advisory firm on its Explorer Value Fund; Vestwell, J.P. Morgan offer partnered small plan 401(k) program to financial advisers; and more.
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ON THIS DATE: In 1917, poet Gwendolyn Brooks, whose work depicted the everyday life of urban African Americans and who was the first African American poet to win the Pulitzer Prize, was born. In 1929, the sovereign state of Vatican City came into existence as copies of the Lateran Treaty were exchanged in Rome. In 1958, singer, songwriter, musician and producer Prince was born in Minneapolis, Minnesota. In 1965, in the landmark case of Griswold v. State of Connecticut, the Supreme Court ruled in favor of the constitutional right of married persons to use birth control. In 1970, English novelist, essayist and social and literary critic E.M. Forster, whose acclaimed novels included Howards End and A Passage to India, died at the age of 91. In 1982, Graceland—Elvis Presley’s home in Memphis, Tennessee, where he died in 1977—was opened for public tours and became one of the top tourist attractions in the U.S. In 2006, Jordanian-born Iraqi militant Abu Musab al-Zarqawi—the self-styled leader in Iraq of the Islamic militant group al-Qaeda, thought by many to have been the mastermind behind numerous terrorist acts—was killed in a U.S. military air strike.
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