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May 10th, 2024
Insight on Plan Design & Investment Strategy Every Weekday
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ECONOMIC EVENTS |
In the week ending May 4, the advance figure for seasonally adjusted initial claims was 231,000, an increase of 22,000 from the previous week’s revised level, the Department of Labor reported. The previous week’s level was revised up by 1,000 from 208,000 to 209,000. The four-week moving average was 215,000, an increase of 4,750 from the previous week’s revised average. The previous week’s average was revised up by 250 from 210,000 to 210,250.
Interest on a 30-year fixed-rate mortgage averaged 7.09% for the week ending May 10, down from last week when it averaged 7.22%, Freddie Mac reported. A year ago at this time, the 30-year FRM averaged 6.35%. Interest on a 15-year fixed-rate mortgage averaged 6.38%, down from last week when it averaged 6.47%. A year ago at this time, the 15-year FRM averaged 5.75%.
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MARKET MIRROR |
Thursday, the Dow rose 331.37 points (0.85%) to close at 39,387.76, the Nasdaq rose 43.46 points (0.27%) to close at 16,346.26 and the S&P 500 rose 26.41 points (0.51%) to close at 5,214.08. The Russell 2000 rose 18.50 points (0.90%) to close at 2,073.63, and the FT Wilshire 5000 Index rose 290.18 points (0.56%) to close at 52,416.14.
The 10-year Treasury note rose 1/32, bringing the yield to 4.460%. The 30-year Treasury bond rose 27/32, bringing the yield to 4.611%.
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PRODUCTS
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Product & Service Launches
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Empower providing retirement plan administration to Arizona city; TruStage enhances annuity; Confluence Technologies announces analytics partnership; and more.
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ON THIS DATE: In 1775, the Green Mountain Boys, under the joint command of Ethan Allen and Benedict Arnold, captured the British-controlled Fort Ticonderoga during the American Revolution. In 1818, patriot Paul Revere—a folk hero of the American Revolution known for his dramatic horseback ride in 1775, warning Boston-area residents that the British were coming—died in Boston. In 1838, actor John Wilkes Booth, who would assassinate President Abraham Lincoln in 1865, was born near Bel Air, Maryland. In 1865, Jefferson Davis, president of the Confederacy, was captured by Union troops near Irwinville, Georgia. In 1869, the tracks of the Central Pacific and the Union Pacific were joined at Promontory, Utah, to form the first transcontinental railway in the U.S. In 1872, reformer Victoria Woodhull became the first woman to be nominated for president when the Equal Rights Party selected her as its candidate. In 1924, public official J. Edgar Hoover was made acting director of the FBI and later in the year became director. In 1960, Irish musician and human rights activist Bono, the lead singer of the popular rock band U2, was born in Dublin, Ireland. In 1994, Nelson Mandela, whose efforts to end apartheid led to his imprisonment from 1962 to 1990 and earned him a share (with F.W. de Klerk) of the 1993 Nobel Peace Prize, became president of South Africa. The same year, serial killer John Wayne Gacy was executed at age 52. In 1999, cartoonist, children’s author, poet and playwright Shel Silverstein, who was best known for his light verse and quirky cartoons, died at age 68. In 2002, FBI agent Robert Hanssen was sentenced to life in prison after pleading guilty to spying for Moscow; he was one of the Soviet Union’s and Russia’s most-valuable double agents and the most-damaging spy ever to penetrate the FBI.
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