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March 1st, 2024
Insight on Plan Design & Investment Strategy Every Weekday
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| ECONOMIC EVENTS |
In the week ending February 24, the advance figure for seasonally adjusted initial claims was 215,000, an increase of 13,000 from the previous week’s revised level of 202,000, the Department of Labor reported. The four-week moving average was 212,500, a decrease of 3,000 from the previous week’s revised average of 215,500.
Interest on a 30-year fixed-rate mortgage averaged 6.94% for the week ending February 29, up from last week when it averaged 6.90%, according to Freddie Mac. A year ago at this time, the 30-year FRM averaged 6.65%. Interest on a 15-year fixed-rate mortgage averaged 6.26%, down from last week when it averaged 6.29%. A year ago at this time, the 15-year FRM averaged 5.89%.
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| MARKET MIRROR |
Thursday, the Dow rose 47.37 points (0.12%) to close at 38,996.39, the Nasdaq rose 144.18 points (0.90%) to close at 16,091.92 and the S&P 500 rose 26.51 points (0.52%) to close at 5,096.27. The Russell 2000 rose 14.54 points (0.71%) to close at 2,054.85, and the FT Wilshire 5000 Index rose 268.38 points (0.53%) to close at 51,321.23.
The 10-year Treasury note rose 1/32, bringing the yield to 4.257%. The 30-year Treasury bond price increased 3/32, bringing the yield to 4.388%.
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PRODUCTS
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Investment Product and Service Launches
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T. Rowe Price using Clearwater Analytics’ stable value investments; Robinhood kicks off gig workplace IRA offering with employers including Grubhub; The Hartford to offer Origin financial wellness program to participants; and more. 
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ON THIS DATE: In 1872, Yellowstone National Park, situated in the western U.S. and designated a UNESCO World Heritage site, was established by the U.S. Congress as the country’s—and world’s—first national park. In 1922, Israeli statesman and solider Yitzhak Rabin—who, as prime minister of Israel, engaged in peace negotiations with the Palestinians, for which he won a share of the 1994 Nobel Prize for Peace—was born. In 1936, after five years of construction, the Hoover Dam on the Colorado River at the Arizona-Nevada border was completed; it is the highest concrete arch dam in the U.S. In 1954, filmmaker Ron Howard, who first achieved fame as a child actor and later became an Academy Award-winning director, was born. In 1961, the Peace Corps was established by President John F. Kennedy by means of his Peace Corps Act. In 1994, Justin Bieber, Canadian pop star and singer, was born in Stratford, Ontario. In 2005, in a major capital punishment case, the U.S. Supreme Court ruled it unconstitutional to execute convicts who were younger than age 18 at the time they committed their crimes. In 2014, French film director Alain Resnais—a leader of the New Wave of unorthodox influential movie directors in France in the late 1950s—died at age 91.
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