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May 10th, 2021
Insight on Plan Design & Investment Strategy Every Weekday
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Deals and People
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Retirement Industry People Moves
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Russell Investments announces several new hires; Custodia Financial appoints P&C industry veteran to president; Mercer selects West market business leaders; and more. 
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| Economic Events |
Total nonfarm payroll employment rose by 266,000 in April, and the unemployment rate was little changed at 6.1, the Bureau of Labor Statistic reported. Job gains in leisure and hospitality, other services, and local government education were partly offset by losses in temporary help services and in couriers and messengers.
March sales of merchant wholesalers, except manufacturers’ sales branches and offices, after adjustment for seasonal variations and trading day differences but not for price changes, were $567.9 billion, up 4.6% from the revised February level and up 19.0% from the revised March 2020 level. The January to February percent change was revised from the preliminary estimate of down 0.8% to virtually unchanged.
Wednesday, the Bureau of Labor Statistics will reveal the consumer price index for April. Thursday, the Labor Department will issue its initial claims report, and the Bureau of Labor Statistics will reveal the producer price index for April. Friday, the Census Bureau will report about retail sales for April and business trade for March.
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| Market Mirror |
Friday, the Dow gained 229.23 points (0.66%) to finish at 34,777.76, the Nasdaq closed 119.40 points (0.88%) higher at 13,752.24, and the S&P 500 was up 30.98 points (0.74%) at 4,232.60. The Russell 2000 increased 30.21 points (1.35%) to 2,271.63, and the Wilshire 5000 climbed 361.06 points (0.83%) to 44,084.98.
The price of the 10-year Treasury note was unchanged, with its yield at 1.567%. The price of the 30-year Treasury bond decreased 30/32, bringing its yield up to 2.282%.
For the week ending May 7, the Dow climbed 2.67%, the Nasdaq lost 1.51%, and the S&P 500 finished 1.23% higher. The Russell 2000 was up 0.23%, and the Wilshire 5000 increased 0.49%.
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ON THIS DATE: In 1865, Confederate President Jefferson Davis was captured by Union forces. In 1869, the presidents of the Union Pacific and Central Pacific railroads met in Promontory, Utah, and drove a ceremonial last spike into a rail line that connected their railroads, making transcontinental railroad travel possible for the first time in U.S. history. In 1872, Victoria Woodhull became the first woman nominated for the U.S. presidency. In 1877, President Rutherford B. Hayes had the White House’s first telephone installed in the mansion s telegraph room. In 1924, J. Edgar Hoover was appointed head of the Federal Bureau of Investigation. In 1960, the U.S.S. Triton completed the first circumnavigation of the globe under water. The trip started on February 16. In 1962, Marvel Comics published the first issue of “The Incredible Hulk.” In 1994, Nelson Rolihlahla Mandela was sworn in as the first Black president of South Africa. In 2011, it was announced that Microsoft had closed a deal to purchase the internet phone service Skype for $8.5 billion.
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