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May 20th, 2022
Insight on Plan Design & Investment Strategy Every Weekday
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ECONOMIC EVENTS |
In the week ending May 14, the advance figure for seasonally adjusted initial claims for unemployment insurance was 218,000, an increase of 21,000 from the previous week’s revised level of 197,000, the Labor Department reported. The four-week moving average was 199,500, an increase of 8,250 from the previous week’s revised average of 191,250.
Interest on a 30-year fixed-rate mortgage averaged 5.25% for the week ending May 19, down from last week when it averaged 5.30%, according to Freddie Mac. A year ago at this time, the 30-year FRM averaged 3.00%. Interest on a 15-year fixed-rate mortgage averaged 4.43%, down from last week when it averaged 4.48%. A year ago at this time, the 15-year FRM averaged 2.29%.
Existing-home sales in April fell for the third straight month to a seasonally adjusted annual rate of 5.61 million, according to the National Association of Realtors. Sales were down 2.4% from the prior month and 5.9% from one year ago. The median existing-home sales price increased at a slower year-over-year pace of 14.8% to $391,200.
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MARKET MIRROR |
Thursday, the Dow lost 236.94 points points (0.75%) to 31,253.13 the Nasdaq fell 29.66 points (0.26%) to close at 11,388.50, and the S&P 500 was down 22.89 points (0.58%) to 3,900.79. The Russell 2000 increased 1.38 points (0.08%) to 1,776.22, and the Wilshire 5000 lost 142.72 points (0.37%) to 38,840.66.
The price of the 10-year Treasury note increased 26/32 lowering its yield to 2.848%. The price of the 30-year Treasury bond increased 2/32 decreasing its yield to 3.056%.
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PRODUCTS
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Investment Product and Service Launches
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Pacific Life announces collaboration with Wespath Benefits and WTW on qualifying longevity annuity contract option, and Principal Global Investors launches active real estate ETF.
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ON THIS DATE: In 1506, Italian explorer Christopher Columbus died in Valladolid, Spain. In 1774, Britain’s Parliament passed the Coercive Acts to punish American colonists. In 1830, the fountain pen was patented by H.D. Hyde. In 1873, in San Francisco businessman Levi Strauss and Reno, Nevada, tailor Jacob Davis received a patent to create work pants reinforced with metal rivets, marking the birth of blue jeans. In 1902, Cuba gained independence from Spain. In 1932, Amelia Earhart took off to fly solo across the Atlantic Ocean. In 1993, the final episode of “Cheers” was aired on NBC. In 1998, Frank Sinatra was laid to rest after the singer died from a heart attack at age 82 days earlier. In 2007, Fox’s long-running animated series “The Simpsons” aired its 400th episode.
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