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May 17th, 2024
Insight on Plan Design & Investment Strategy Every Weekday
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| ECONOMIC EVENTS |
In the week ending May 11, the advance figure for seasonally adjusted initial claims was 222,000, a decrease of 10,000 from the previous week’s revised level of 232,000, the Department of Labor reported. The four-week moving average was 217,750, an increase of 2,500 from the previous week’s revised average of 215,250.
Interest on a 30-year fixed-rate mortgage averaged 7.02% for the week ending May 16, down from last week when it averaged 7.09%, Freddie Mac reported. A year ago at this time, the 30-year FRM averaged 6.39%. Interest on a 15-year fixed-rate mortgage averaged 6.28%, down from last week when it averaged 6.38%. A year ago at this time, the 15-year FRM averaged 5.75%.
Privately‐owned housing starts in April were at a seasonally adjusted annual rate of 1,360,000, the Census Bureau reported. This is 5.7% above the revised March estimate of 1,287,000, but is 0.6% below the April 2023 rate of 1,368,000. Single‐family housing starts in April were at a rate of 1,031,000; this is 0.4% below the revised March figure of 1,035,000. The April rate for units in buildings with five units or more was 322,000.
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| MARKET MIRROR |
Thursday, the Dow fell 38.62 points (0.10%) to close at 39,869.38, the Nasdaq fell 44.07 points (0.26%) to close at 16,698.32 and the S&P 500 fell 11.05 points (0.21%) to close at 5,297.10. The Russell 2000 lost 13.64 points (0.63%) to close at 2,096.25, and the FT Wilshire 5000 Index lost 148.77 points (0.28%) to close at 53,216.53.
The 10-year Treasury note decreased 25/32, bringing the yield to 4.381%. The 30-year Treasury bond decreased 2/32, bringing the yield to 4.518%.
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PRODUCTS
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Product & Service Launches
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Lincoln launches new annuity linked to Capital Group ETFs; Macquarie adds large-cap growth ETFs; and Fiserv University rolls out learning and training tools for financial institutions. 
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ON THIS DATE: In 1792, meeting on what is now Wall Street in New York City, 24 businessmen took the initial steps to forming the New York Stock Exchange. In 1875, the first Kentucky Derby was run at Churchill Downs in Louisville, Kentucky, and the winning horse was Aristides. In 1900, L. Frank Baum’s “The Wonderful Wizard of Oz” was first published, and it became a classic children’s literature; the 1939 film adaption is among the most beloved movies in American cinema. In 1939, the first televised sporting event in the U.S.—a collegiate baseball game between Princeton and Columbia—aired on NBC. In 1954, lawyer Thurgood Marshall scored a landmark victory as the U.S. Supreme Court unanimously ruled in “Brown v. Board of Education of Topeka” that racial segregation in public schools as unconstitutional. In 1996, President Bill Clinton signed Megan’s Law, which required that law-enforcement officials notify local schools, day-care centers and residents of the presence of registered sex offenders in their communities. In 2004, Massachusetts became the first U.S. state to legalize same-sex marriage as it began issuing marriage licenses to gay couples.
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