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| Economic Events | |
| In the week ending March 14, the advance figure for seasonally adjusted initial claims for unemployment insurance was 291,000, an increase of 1,000 from the previous week’s revised level. The four-week moving average was 304,750, an increase of 2,250 from the previous week’s revised average. | |
| Market Mirror | |
Stocks are closing mostly lower, led by declines in the energy sector as the price of oil resumes a slide, according to the Associated Press. The Dow fell 117.16 points (0.65%) to 17,959.03, the NASDAQ increased 9.55 points (0.19%) to 4,992.38, and the S&P 500 was down 9.93 points (0.47%) at 2,089.57. The Russell 2000 was up 2.72 points (0.22%) at 1,254.85, and the Wilshire 5000 closed 80.80 points (0.36%) lower at 22,135.81. On the NYSE, 3.2 billion shares changed hands, with declining issues outnumbering advancing issues nearly 2 to 1. On the NASDAQ, 2.8 billion shares traded, with a slight lead for advancers. The price of the 10-year Treasury note fell 14/32, increasing its yield to 1.974%. The price of the 30-year Treasury bond decreased 13/32, bringing its yield up to 2.530%. | |
| Compliance | |
| SEC Signals Intent for Uniform Fiduciary Standard | |
| Media reports are citing comments from Securities and Exchange Commission (SEC) Chair Mary Jo White, to the effect that the SEC will “implement a uniform fiduciary duty for broker/dealers and investment advisers where the standard is to act in the best interest of the investor.” A number of industry professionals confirmed Chair White’s comments for PLANSPONSOR. The SEC’s move to step more actively into the ongoing fiduciary definition debate, which until now has been centered around the Department of Labor’s own fiduciary rulemaking, could have a big impact, notes Bob Kurucza, co-chair of Goodwin Procter’s financial institutions group and partner in its business law department.Read more > | |
| BNY Mellon Settles Foreign Exchange Trading Suit | |
| The Bank of New York (BNY) Mellon has agreed to repay $84 million to employee benefit plan customers that the Department of Labor (DOL) says were victimized through the bank’s “standing instruction” foreign exchange trading program. An investigation by the department’s Employee Benefits Security Administration (EBSA) found that, for most standing instruction foreign currency exchange transactions with customers, including retirement plans, the bank assigned nearly the worst prices at which currencies had traded in the market during all or part of a day. At the same time, the bank was leading its clients to believe that it was pricing their transactions in a more favorable manner.Read more > | |
| Small Talk | |
ON THIS DATE: In 1852, Harriet Beecher Stowe’s book “Uncle Tom’s Cabin,” subtitled “Life Among the Lowly,” was first published. In 1854, in Ripon, Wisconsin, former members of the Whig Party met to establish a new party to oppose the spread of slavery into the western territories, founding the Republican Party. In 1965, President Lyndon B. Johnson notified Alabama’s Governor George Wallace that he would use federal authority to call up the Alabama National Guard in order to supervise a planned civil rights march from Selma to Montgomery. In 1982, Joan Jett’s “I Love Rock ‘n’ Roll” topped the Billboard pop chart.
And now it’s time for FRIDAY FILES! | |
| No matter the song, dancing on a treadmill is cool.Read more > | |
| This little girl thinks she received a baby hamster.Read more > | |
In Brunswick, New York, a man got the attention of a state trooper filling up at a gas station when he pulled up to the pump next to the trooper, got out of his truck—and smashed into the trooper’s car. The trooper watched him walk unsteadily into the gas station then back out to his truck to pump gas, according to the New York Daily News. The trooper questioned the man and issued a field sob.riety test, which the man failed with a blood alc.ohol level of 0.18. In Londonderry, England, a car with two men in it crashed into a police officer’s car—unfortunate for them since the car contained approximately £240,000 worth of suspected can.nabis. The two men were arrested on suspicion of possession of a class B controlled drug with intent to supply. | |
| This video challenges you to do the impossible, and you’ll look funny trying.Read more > | |
In Sheffield, England, a teenage bicyclist was hit by a car. The man driving the car stopped, and a woman got out of the passenger’s seat and walked over to the teenager. Incredibly, she told the victim that her children were upset, and that they were late for school, and returned to the car, which drove off, the Sheffield Star reported. Fortunately, the teen was not seriously injured. Police are hoping a witness will help them find the car’s driver. In Kanpur, Uttar Pradesh, India, a bride walked out of her wedding ceremony after the groom failed to solve a simple math problem. The Associated Press reports that the bride tested the groom on his math skills and when he got the sum wrong, she walked out. The question she asked: How much is 15 plus six? His reply: 17. The groom’s family tried persuading the bride to return, but she refused, saying the groom had misled her family about his education. Have a nice weekend! | |
| Share the good news with a friend! Pass the Dash 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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