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March 21st, 2022
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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Transamerica names new president of individual solutions; Robeco appoints head of alternative alpha research; Security Benefit Announces CEO Mike Kiley’s retirement; and more. 
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| Economic Events |
Existing-home sales dipped in February, continuing a seesawing pattern of gains and declines over the last few months, according to the National Association of Realtors. Each of the four major U.S. regions saw sales fall on a month-over-month basis in February. Sales activity year-over-year was also down overall, though the South experienced an increase while the remaining three regions reported drops in transactions. Total existing-home sales, completed transactions that include single-family homes, townhomes, condominiums and co-ops, sank 7.2% from January to a seasonally adjusted annual rate of 6.02 million in February. Year-over-year, sales decreased 2.4% (6.17 million in February 2021).
Wednesday, the Census Bureau will report about new homes sales for February. Thursday, the Labor Department will issue its initial claims report, Freddie Mac will update average mortgage rates for the week, and the Census Bureau will report about durable goods orders for February.
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| Market Mirror |
Friday, the Dow closed 274.17 points (0.80%) higher at 34,754.93, the Nasdaq gained 279.06 points (2.05%) to finish at 13,893.84, and the S&P 500 increased 51.45 points (1.17%) to 4,463.12. The Russell 2000 was up 21.12 points (1.02%) at 2,086.14, and the Wilshire 5000 climbed 582.19 points (1.31%) to 45,009.60.
The price of the 10-year Treasury note was up 2/32, decreasing its yield to 2.151%. The price of the 30-year Treasury bond increased 32/32, bringing its yield down to 2.427%.
For the week ending March 18, Dow increased 5.50%, the Nasdaq climbed 8.18%, and the S&P 500 finished 6.16% higher. The Russell 2000 was up 5.38%, and the Wilshire 5000 gained 6.39%.
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ON THIS DATE: In 1788, nearly all New Orleans was burned by fire when 856 buildings were destroyed. In 1790, Thomas Jefferson reported to President George Washington as the new secretary of state. In 1804, the Napoleonic Code, a legal framework for property, colonial affairs, the family and individual rights, was approved. In 1910, the Senate granted ex-President Teddy Roosevelt a yearly pension of $10,000. In 1928, President Calvin Coolidge awarded the Congressional Medal of Honor to Charles Lindbergh for his first trans-Atlantic flight. In 1946, the United Nations set up a temporary headquarters at Hunter College in New York City. In 1952, the Moondog Coronation Ball was history’s first rock concert. In 1963, Alcatraz Prison in San Francisco’s Bay was closed and the last prisoners were transferred. In 1965, in the name of African American voting rights, 3,200 civil rights demonstrators in Alabama, were led by Martin Luther King Jr., and began a historic march from Selma to Montgomery, the state’s capital. In 1980, as Cold War tensions flared, President Jimmy Carter announced that the U.S. would boycott the Olympic Games scheduled held in Moscow. In 1994, Wayne Gretzky tied Gordie Howe’s NHL record of 801 goals.
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