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March 7th, 2023
Insight on Plan Design & Investment Strategy Every Weekday
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Investments Special Issue︱Opinion
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Employee-Owned
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ESOPs can up the assets of working Americans, and benefit the company. 
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| ECONOMIC EVENTS |
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New orders for manufactured durable goods in January, down two of the last three months, decreased $12.8 billion or 4.5% to $272.4 billion, unchanged from the previously published decrease, the Census Bureau reported. This followed a 5.1% December increase. Transportation equipment, also down two of the last three months, drove the decrease, $14.2 billion or 13.3% to $92.8 billion. New orders for manufactured nondurable goods increased $3.9 billion or 1.5% to $270.4 billion.
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| MARKET MIRROR |
Monday, the Dow gained 40.47 points (0.12%) to close at 33,431.44, the Nasdaq lost 13.27 points (0.11%) to close at 11,675.74 and the S&P 500 gained 2.78 points (0.07%) to close at 4,048.42. The Russell 2000 lost 28.51 points (1.48%) to close at 1,899.76 and the Wilshire 5000 lost 51.09 points (0.13%) to close at 40,399.86.
The price of the 10-year Treasury note was unchanged, bringing the yield to 3.965%. The price of the 30-year Treasury bond was unchanged, bringing the yield to 3.900%.
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Data and Research
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PennSERS Drops 12% in 2022
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The pension fund lost $6.5 billion in asset value over the last year, ending a three-year streak of double-digit gains.
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DEALS AND PEOPLE
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Retirement Industry People Moves
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Wagner Law names new Chicago-based ERISA attorney; Franklin Templeton appoints senior alternatives strategist; WTW names director of retirement; and more.
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ON THIS DATE: In 1644, Massachusetts established the first bicameral legislature in North America. In 1850, Senator Daniel Webster spoke out in favor of the Compromise of 1850. Enacted in September, the series of measures left slavery unaddressed in U.S. territories, eventually leading to several states seceding from the United States and the bloody internecine Civil War. In 1876, Alexander Graham Bell received a patent for the telephone. In 1965, state troopers used nightsticks and tear gas to attack civil rights activists as they crossed a bridge in Selma, Alabama, during their attempted march to the state capitol in Montgomery. The day’s events became known as “Bloody Sunday.” In 1987, Mike Tyson became the youngest heavyweight to win the World Boxing Association championship belt when he defeated James Smith in 12 rounds. In 2010 director Kathryn Bigelow became the first woman to win an Academy Award for best director, for The Hurt Locker.
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