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June 9th, 2023
Insight on Plan Design & Investment Strategy Every Weekday
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| ECONOMIC EVENTS |
In the week ending June 3, the advance figure for seasonally adjusted initial claims for unemployment insurance was 261,000, an increase of 28,000 from the previous week’s revised level of 233,000, the Labor Department reported. This is the highest level for initial claims since October 30, 2021 when it was 264,000. The four-week moving average was 237,250, an increase of 7,500 from the previous week’s revised average of 229,750.
Interest on a 30-year fixed-rate mortgage averaged 6.71% for the week ending June 8, down from last week when it averaged 6.79%, according to Freddie Mac. A year ago at this time, the 30-year FRM averaged 5.23%. Interest on a 15-year fixed-rate mortgage averaged 6.07%, down from last week when it averaged 6.18%. A year ago at this time, the 15-year FRM averaged 4.38%.
April sales of merchant wholesalers, except manufacturers’ sales branches and offices, after adjustment for seasonal variations and trading day differences but not for price changes, were $652.8 billion, up 0.2% from the revised March level, but were down 3.4% from the revised April 2022 level, the Census Bureau announced. The February to March percent change was revised from the preliminary estimate of down 2.1% to down 2.7%.
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| MARKET MIRROR |
Thursday, the Dow rose 168.59 points (0.50%) to close at 33,833.61, the Nasdaq rose 133.63 points (1.02%) to close at 13,238.52 and the S&P 500 rose 26.41 points (0.62%) to close at 4,293.93. The Russell 2000 fell 7.67 points (0.41%) to close at 1,880.78, and the FT Wilshire 5000 Index rose 225.78 points (0.52%) to close at 43,392.25.
The 10-year Treasury note increased 28/32, bringing the yield to 3.720%. The 30-year Treasury bond increased 32/32, bringing the yield to 3.889%.
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PRODUCTS
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Investment Product and Service Launches
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Principal debuts registered index-linked annuity solution; Jackson enhances RILA suite; Prudential Advisors introduces fee-based annuities; and more. 
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ON THIS DATE: In 1870, English writer Charles Dickens, generally considered the greatest Victorian novelist, died at Gad’s Hill near Chatham, Kent. In 1891, composer and lyricist Cole Porter, who brought a worldly élan to the American musical, was born in Peru, Indiana. In 1983, British Prime Minister Margaret Thatcher, buoyed by victory in the Falklands Islands War and by deep divisions within the opposition Labour Party, was easily reelected to a second term in office. In 1940, Norway surrendered to the Nazis during World War II. In 1973, racehorse Secretariat won the Belmont Stakes (by an unprecedented 31 lengths) to capture the Triple Crown; he earlier had won the Kentucky Derby and Preakness Stakes. In 2008, baseball player Ken Griffey, Jr. hit his 600th career home run, becoming the sixth player in major league history to accomplish the feat. In 2011, the world’s first artificial organ transplant was performed. It was an artificial windpipe coated with stem cells.
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