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March 20th, 2024
Insight on Plan Design & Investment Strategy Every Weekday
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| ECONOMIC EVENTS |
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Privately‐owned housing starts in February were at a seasonally adjusted annual rate of 1,521,000, the Census Bureau reported. This is 10.7% above the revised January estimate of 1,374,000 and is 5.9% above the February 2023 rate of 1,436,000. Single‐family housing starts in February were at a rate of 1,129,000; this is 11.6% above the revised January figure of 1,012,000. The February rate for units in buildings with five units or more was 377,000.
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| MARKET MIRROR |
Tuesday, the Dow rose 320.33 points (0.83%) to close at 39,110.76, the Nasdaq rose 63.34 points (0.39%) to close at 16,166.79 and the S&P 500 rose 29.09 points (0.56%) to close at 5,178.51. The Russell 2000 gained 10.97 points (0.54%) to close at 2,035.71, and the FT Wilshire 5000 Index gained 294.54 points (0.57%) to close at 52,013.86.
The 10-year Treasury note increased 3/32, bringing the yield to 4.298%. The 30-year Treasury bond increased 1/32, bringing the yield to 4.445%.
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ON THIS DATE: In 1948, Canadian American ice hockey player Bobby Orr—who, as a member of the Boston Bruins, became one of the game’s best defensemen—was born in Ontario, Canada. In 1957, filmmaker Spike Lee, known for his movies that explore race relations, was born in Atlanta, Georgia. In 1969, John Lennon, leader of the British rock group the Beatles, married Japanese artist and musician Yoko Ono in Gibraltar. In 1987, AZT became the first drug to be approved by the U.S. Food and Administration for the treatment of AIDS. In 1995, top leaders of AUM Shinrikyo, a Japanese Buddhist sect founded in 1987 by Asahara Shoko, released nerve gas into a Tokyo subway, killing 12 people and injuring thousands. In 1999, Bertrand Piccard and Brian Jones became the first aviators to circumnavigate the globe nonstop by balloon; they landed the following day in Egypt. In 2015, Australian politician Malcolm Fraser, who served as the country’s prime minister from 1975 to 1983, died at age 84. In 2020, country music singer Kenny Rogers, whose numerous hits included “Lady” and “The Gambler,” died at age 81.
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| Industry Intel Roundup—Featured White Paper | | PLANSPONSOR is pleased to present the next edition of our Industry Intelligence roundup. This week, we are featuring white papers offering key insights and analysis about the industry. The content was created to educate, inform and offer ideas for plan sponsors regarding plan design, investing, administration and compliance. | | | | | | |
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