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May 14th, 2020
Insight on Plan Design & Investment Strategy Every Weekday
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| Economic Events |
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The Producer Price Index for final demand declined 1.3% in April, as prices for final demand goods dropped 3.3% and the index for final demand services moved down 0.2%, the Bureau of Labor Statistics reported. The final demand index fell 1.2% for the 12 months ended in April.
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| Market Mirror |
Wednesday, the Dow lost 516.81 points (2.17%) to finish at 23,247.97, the NASDAQ was down 139.38 points (1.55%) at 8,863.17, and the S&P 500 decreased 50.12 points (1.75%) to 2,820.00. The Russell 2000 fell 42.29 points (3.32%) to 1,233.25, and the Wilshire 5000 closed 560.42 points (1.93%) lower at 28,467.41.
The price of the 10-year Treasury note was down 5/32, increasing its yield to 0.656%. The price of the 30-year Treasury bond was up 30/32, decreasing its yield to 1.345%.
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ON THIS DATE: In 1787, delegates began gathering in Philadelphia for a convention to draw up the U.S. Constitution. In 1796, the first smallpox vaccination was given by Edward Jenner. In 1804, one year after the United States doubled its territory with the Louisiana Purchase, the Lewis and Clark expedition left St. Louis, Missouri, on a mission to explore the Northwest from the Mississippi River to the Pacific Ocean. In 1897, “The Stars and Stripes Forever” by John Phillip Sousa was performed for the first time at a ceremony where a statue of George Washington was unveiled. In 1913, the Rockefeller Foundation was created by John D. Rockefeller with a gift of $100,000,000. In 1942, the Women’s Auxiliary Army Corps (WAAC) was established by an act of Congress. In 1948, in Tel Aviv, Jewish Agency Chairman David Ben-Gurion proclaimed the State of Israel, establishing the first Jewish state in 2,000 years. Ben-Gurion became Israel’s first premier. In 1961, a bus carrying Freedom Riders was bombed and burned in Alabama. In 1973, Skylab, America’s first space station, was successfully launched into an orbit around the earth. In 1980, President Jimmy Carter inaugurated the Department of Health and Human Services. In 1985, Ray Kroc’s first McDonald’s restaurant became the first fast-food business museum. It is located in Des Plaines, Illinois. In 1998, Frank Sinatra died of a heart attack in Los Angeles, at the age of 82.
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