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March 13th, 2023
Insight on Plan Design & Investment Strategy Every Weekday
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| ECONOMIC EVENTS |
Total nonfarm payroll employment rose by 311,000 in February, and the unemployment rate edged up to 3.6%, the Bureau of Labor Statistics reported. Notable job gains occurred in leisure and hospitality, retail trade, government, and health care. Employment declined in information and in transportation and warehousing.
Tuesday, the Bureau of Labor Statistics will report the Consumer Price Index for February. Wednesday, the Census Bureau will report retail sales for February and the Bureau of Labor Statistics will report the Producer Price Index for February. Thursday, the Department of Labor will issue its initial jobless claims report, Freddie Mac will update average mortgage rates for the week and the Census Bureau will report new housing starts for February. Friday, the National Association of Realtors will report existing home sales for February.
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| MARKET MIRROR |
Friday, the Dow lost 345.22 points (1.07%) to close at 31,909.64, the Nasdaq lost 199.47 points (1.76%) to close at 11,138.89 and the S&P 500 lost 56.73 points (1.45%) to close at 3,861.59. The Russell 2000 decreased 53.88 points (2.95%) to close at 1,772.70 and the Wilshire 5000 decreased 670.88 points (1.72%) to close at 38,379.18.
The price of the 10-year Treasury note increase 1 29/32, bringing the yield to 3.705%. The price of the 30-year Treasury bond increased 2 27/32, bringing the yield to 3.710%.
For the week ending March 3, the Dow lost 4.44%, the Nasdaq lost 4.71% and the S&P 500 decreased 4.55%. The Russell 2000 decreased 8.07% and the Wilshire 5000 finished 5.12% lower.
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DEALS AND PEOPLE
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Retirement Industry People Moves
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Wealthspire Advisors names integration head; Lenox Advisors announces partner, managing partner promotions; Ziegler and Quagliarello join Franklin Templeton as client advisers. 
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EVENTS
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SECURE 2.0 Webinar Series
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Join PLANSPONSOR, PLANADVISER and a panel of industry experts on March 15, as they review SECURE 2.0 provisions related to employee financial wellness; ways plan sponsors can implement new benefits, and how advisers can help them; and how to determine the best benefits for a plan sponsor’s unique employee group.
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EVENTS
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Plan Progress Webinar: Retirement Income
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Join PLANSPONSOR’s first Plan Progress webinar of 2023 for a conversation with researchers from DCIIA to learn more about the characteristics of different retiree segments, how they spend in retirement, their preferences for retirement income and how plan sponsors can use the information as they search for the right plan provider.
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ON THIS DATE: In 1781 English astronomer William Herschel observed the seventh planet from the Sun, Uranus—and named it for the father of the god Saturn. In 1881, Czar Alexander II was assassinated in St. Petersburg. In 1898, La Meri, one of the world’s greatest ethnological dancers, was born. She learned native dances all over the world and founded the Ethnologic Dance Theater. In 1911, L. Ron Hubbard, the founder of the Church of Scientology, was born in Tilden, Nebraska. In 1925, the Tennessee legislature passed a bill that banned the teaching of Charles Darwin’s theory of evolution in the state’s public schools; in a highly publicized trial, high-school teacher John T. Scopes was later convicted of breaking the law. In 2012 Encyclopedia Britannica, Inc., announced that it was ceasing publication of its print version, the oldest and longest continually published English-language general print encyclopedia. In 2013, Jorge Mario Bergoglio, the archbishop of Buenos Aires, was elected pope of the Roman Catholic Church; taking the name Francis I, he succeeded Benedict XVI, who had resigned. In 2020, Breonna Taylor, a Black EMT, was killed by Louisville, Kentucky, police officers as they burst into her apartment during a botched raid; her death led to massive protests by Black Lives Matter activists and others who called for police reform
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