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March 27th, 2023
Insight on Plan Design & Investment Strategy Every Weekday
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| ECONOMIC EVENTS |
New orders for manufactured durable goods in February, down three of the last four months, decreased $2.6 billion or 1.0% to $268.4 billion, the Census Bureau reported. This followed a 5.0% January decrease. Excluding transportation, new orders were virtually unchanged. Excluding defense, new orders decreased 0.5%. Transportation equipment, also down three of the last four months, drove the decrease, $2.6 billion or 2.8% to $89.4 billion.
Tuesday, the Conference Board will report the Consumer Confidence Index for March. Thursday, the Department of Labor will issue its initial jobless claims report and Freddie Mac will update average mortgage rates for the week.
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| MARKET MIRROR |
Friday, the Dow gained 132.28 points (0.41%) to close at 32,237.53, the Nasdaq gained 36.56 points (0.31%) to close at 11,823.96 and the S&P 500 gained 22.27 points (0.56%) to close at 3,970.99. The Russell 2000 gained 14.63 points (0.85%) to close at 1,734.92 and the Wilshire 5000 gained 209.50 points (0.54%) to close at 39,259.36.
The price of the 10-year Treasury note fell 2/32, bringing the yield to 3.376%. The price of the 30-year Treasury bond dropped 2/32, bringing the yield to 3.649%.
For the week ending March 24, the Dow gained 1.18%, the Nasdaq increased 1.66% and the S&P 500 increased 1.39%. The Russell 2000 gained 0.52% and the Wilshire 5000 finished 1.28% higher.
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AWARDS
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2023 Plan Sponsor of the Year
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PLANSPONSOR is pleased to announce the 2023 Plan Sponsor of the Year award finalists in the Public DC category. More finalist announcements will come this week. 
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ON THIS DATE: In 1866, President Andrew Johnson vetoed the Civil Rights Bill, which later became a template for the Fourteenth Amendment extending citizenship rights and equal protection under the law to former slaves. In 1975, construction began on the Trans-Alaska Pipeline; spanning 800 miles, the oil pipeline cost $8 billion and was completed in two years. In 1977, Washington, D.C., opened its subway system. In 2002, comedian Milton Berle—who as an entertainer in the early days of television in the United States, was known as “Mr. Television”—died at age 93. In 2007, National Football League owners voted to make instant replay a permanent officiating tool.
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