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March 20th, 2023
Insight on Plan Design & Investment Strategy Every Weekday
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DEALS AND PEOPLE
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Retirement Industry People Moves
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Franklin Templeton appoints Dean R. Sackett III to managing director of government affairs; Hall Benefits Law adds Alex Bruckner; National Association of Investment Companies announces Felina Martin as director of programs & initiatives; and more.
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ECONOMIC EVENTS |
Monday, the National Association of Realtors will report existing home sales for February. Thursday, the Census Bureau will report new home sales for February, the Department of Labor will issue its initial jobless claims report and Freddie Mac will update average mortgage rates for the week. Friday, the Census Bureau will report new orders for manufactured durable goods for February.
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MARKET MIRROR |
Friday, the Dow fell 384.57 points (1.19%) to close at 31,861.98, the Nasdaq dropped 86.76 points (0.74%) to close at 11,630.513 and the S&P 500 fell 43.64 points (1.10%) to close at 3,916.64. The Russell 2000 decreased 45.34 points (2.56%) to close at 1,725.90 and the Wilshire 5000 decreased 489.27 points (1.25%) to close at 38,762.85. The price of the 10-year Treasury note decreased 5/32, bringing the yield to 3.430%. The price of the 30-year Treasury bond decreased 3/32, bringing the yield to 3.628%.
For the week ending March 17, the Dow fell 0.15%, the Nasdaq rose 4.41% and the S&P 500 rose 1.43%. The Russell 2000 fell 2.64% and the Wilshire 5000 finished 1% higher.
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Special Coverage: DB Plans
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Special Coverage: DB Plans
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Defined benefit pensions are fading, but their features, designs and philosophy have powerful lasting effects for the future of retirement plan design.
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In 1792, in Paris, the Legislative Assembly approved the use of the guillotine. In 1854, the Republican Party was organized in Ripon, Wisconsin following a meeting of Whigs, anti-Nebraska Democrats and Free-Soilers. In 1957, American filmmaker Spike Lee was born. In 1969, John Lennon of The Beatles married Japanese artist and musician Yoko Ono in Gilbraltar. In 1987, AZT became the first drug to be approved by the U.S. Food and Drug Administration for the treatment of AIDS. In 1999, Bertrand Piccard and Brian Jones became the first aviators to circumnavigate the globe nonstop by balloon. In 2020, American country singer Kenny Rogers, whose numerous hits included “Lady” and “The Gambler,” died at age 81.
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