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March 31st, 2023
Insight on Plan Design & Investment Strategy Every Weekday
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| ECONOMIC EVENTS |
In the week ending March 25, the advance figure for seasonally adjusted initial claims for unemployment insurance was 198,000, an increase of 7,000 from the previous week’s unrevised level of 191,000, the Labor Department announced Thursday. The four-week moving average was 198,250, an increase of 2,000 from the previous week’s unrevised average of 196,250.
Interest on a 30-year fixed-rate mortgage averaged 6.32%, for the week ending March 30, down from last week when it averaged 6.42%, Freddie Mac reported. A year ago at this time, the 30-year FRM averaged 4.67%. Interest on a 15-year fixed-rate mortgage averaged 5.56%, down from last week when it averaged 5.68%. A year ago at this time, the 15-year FRM averaged 3.83%.
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| MARKET MIRROR |
Thursday, the Dow gained 141.43 points (0.43%) to close at 32,859.03, the Nasdaq gained 87.24 points (0.73%) to close at 12,013.47 and the S&P 500 gained 23.02 points (0.57%) to close at 4,050.83. The Russell 2000 fell 3.22 points (0.18%) to close at 1,768.38 and the Wilshire 5000 rose 206.39 points (0.52%) to close at 40,086.95.
The price of the 10-year Treasury note increased 2/32, bringing the yield to 3.5513%. The price of the 30-year Treasury bond increased 5/32, bringing the yield to 3.737%.
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PRODUCTS
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Investment Product and Service Launches
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Breckinridge launches dividend income strategies; Eastspring offers CIT with emerging markets exposure; Nomura starts fund focused on private and public credit; and more. 
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ON THIS DATE: In 1870, Thomas Peterson-Mundy of Perth Amboy, New Jersey, became the first Black man to vote under the Fifteenth Amendment to the U.S. Constitution. In 1889, the Eiffel Tower was officially inaugurated in Paris, France. In 1917, the United States purchased and took possession of the Virgin Islands from Denmark for $25 million. In 1918, clocks in the United States were set one hour ahead as Daylight Saving Time went into operation for the first time. In 1959, the Dalai Lama, fleeing Chinese suppression of a national uprising in Tibet, crossed the border into India, where he was granted political asylum. In 1968, President Lyndon B. Johnson ended a televised speech about the Vietnam War by announcing that he would not seek reelection. In 1988, author Toni Morrison won a Pulitzer Prize for her novel Beloved. In 1992, The USS Missouri—site of the Japanese surrender in 1945, formally ending World War II—was decommissioned for a second and final time.
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