| Economic Events | After increasing to the highest annual rate in six months, existing-home sales tumbled in February amidst unshakably low supply levels and steadfast price growth in several sections of the country, according to the National Association of Realtors. Led by the Northeast and Midwest, all four major regions experienced sales declines in February. Total existing-home sales, which are completed transactions that include single-family homes, townhomes, condominiums and co-ops, dropped 7.1% to a seasonally adjusted annual rate of 5.08 million in February from 5.47 million in January. Despite last month’s large decline, sales are still 2.2% higher than a year ago. | | Market Mirror | Yesterday, the Dow closed 21.57 points (0.12%) higher at 17,623.87, the NASDAQ gained 13.23 points (0.28%) to finish at 4,808.87, and the S&P 500 increased 2.02 points (0.10%) to 2,051.60. The Russell 2000 climbed 11.01 points (1.01%) to 1,098.57, and the Wilshire 5000 was up18.18 points (0.09%) at 20,999.87.
On the NYSE, 3.2 billion shares changed hands, and on the NASDAQ, 2.9 billion shares traded, with a slight lead for advancing issues on both exchanges.
The price of the 10-year Treasury note was down 11/32, increasing its yield to 1.917%. The price of the 30-year Treasury bond decreased 27/32, bringing its yield up to 2.718%. | | Compliance | Lack of Documentation Trumps Verbal Designation | A deceased participant’s previous phone call to his employer’s benefit center asking to change his retirement account beneficiary cannot be relied on to determine where the money should go.Read more > | IRS Proposal Would Change Rules for QSERPs | Included in proposed nondiscrimination relief for closed DB plans is a change in how QSERPs can offer alternate benefit formulas for highly compensated employees.Read more > | | Investing | The Upside of Aging: More Investment Opportunities | While the retirement industry worries that increasing longevity will affect retirement plans for many individuals—in what could be negative ways—research from PGIM suggests aging populations worldwide will create investment opportunities across real estate, health care, and technology.Read more > | | Small Talk | ON THIS DATE: In 1622, Indians attacked a group of colonist in the James River area of Virginia. 347 residents were killed. In 1765, the Stamp Act was passed. It was the first direct British tax on the American colonists. In 1872, Illinois became the first state to require gender equality in employment. In 1882, the U.S. Congress outlawed polygamy. In 1934, the first Masters golf championship began in Augusta, Georgia. In 1935, in New York, blood tests were authorized as evidence in court cases. In 1978, Karl Wallenda, of the Flying Wallendas, fell to his death while walking a cable strung between to hotels in San Juan, Puerto Rico. In 1980, People for Ethical Treatment of Animals (PETA) was founded by Ingrid Newkirk and Alex Pacheco. In 1997, Tara Lipinski, at 14 years and 10 months, became the youngest women’s world figure skating champion. | TRIVIAL PURSUITS: Which American president was the youngest to assume office?Read more > | Share the good news with a friend! Pass the NewsDash along – and tell your friends/associates they can sign up for their own copy.Read more > |
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