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March 8th, 2024
Insight on Plan Design & Investment Strategy Every Weekday
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| ECONOMIC EVENTS |
In the week ending March 2, the advance figure for seasonally adjusted initial unemployment insurance claims was 217,000, unchanged from the previous week’s revised level, the Department of Labor reported. The previous week’s level was revised up by 2,000 to 217,000 from 215,000. The four-week moving average was 212,250, a decrease of 750 from the previous week’s revised average. The previous week’s average was revised up by 500 to 213,000 from 212,500.
Interest on a 30-year fixed-rate mortgage averaged 6.88% for the week ending March 7, down from last week when it averaged 6.94%, according to Freddie Mac. A year ago at this time, the 30-year FRM averaged 6.73%. Interest on a 15-year fixed-rate mortgage averaged 6.22%, down from last week when it averaged 6.26%. A year ago at this time, the 15-year FRM averaged 5.95%.
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| MARKET MIRROR |
Thursday, the Dow rose 130.30 points (0.34%) to close at 38,791.35, the Nasdaq rose 241.83 points (1.51%) to close at 16,273.38 and the S&P 500 rose 52.60 points (1.03%) to close at 5,157.36. The Russell 2000 rose 16.65 points (0.81%) to close at 2,084.74, and the FT Wilshire 5000 Index rose 513.27 points (1.00%) to close at 51,926.41.
The 10-year Treasury note rose 1/32, bringing the yield to 4.089%. The 30-year Treasury bond fell 1/32, bringing the yield to 4.244%.
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PRODUCTS
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Product and Service Launches
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T. Rowe Price launches Social Security optimizer; IRI updates its retirement saving and income handbook; Just Futures launches ‘values-driven’ 401(k)s and 403(b)s; and more. 
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ON THIS DATE: In 1817, the New York Stock Exchange was formally created; it became one of the world’s largest marketplaces for securities and other exchange-traded investments. In 1842, Supreme Court justice and legal historian Oliver Wendell Holmes, Jr. was born in Boston. In 1917, the Senate voted to limit filibusters by adopting the rule of cloture. The same year, rioting in Petrograd—now St. Petersburg, Russia—marked the beginning of the February Revolution and the first stage of the Russian Revolution. In 1942, Japanese troops captured Rangoon, Burma—now Yangon, Myanmar—during World War II. In 1971, boxer Joe Frazier retained his world heavyweight championship title by winning a 15-round decision over former champion Muhammad Ali at Madison Square Garden in New York City. In 1999, baseball player Joe DiMaggio, one of the best all-around players in the history of the game, died at age 84. In 2014, during a flight from Kuala Lumpur to Beijing, Malaysia Airlines flight 370 disappeared, prompting a massive search effort that was finally called off in early 2017.
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