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May 22nd, 2023
Insight on Plan Design & Investment Strategy Every Weekday
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| ECONOMIC EVENTS |
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Tuesday, the Census Bureau will report new home sales for April. Thursday, the Department of Labor will issue its initial jobless claims report and Freddie Mac will update average mortgage rates for the week. Friday, the Census Bureau will report new orders for manufactured durable goods in April.
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| MARKET MIRROR |
Friday, the Dow fell 109.28 points (0.33%) to close at 33,426.63, the Nasdaq fell 30.94 points (0.24%) to close at 12,657.90 and the S&P 500 fell 6.07 points (0.14%) to close at 4,191.98. The Russell 2000 fell 11.14 points (0.62%) to close at 1,773.72 and the Wilshire 5000 lost 93.88 points (0.23%) to close at 41,325.07.
The price of the 10-year Treasury note rose 1/32, bringing the yield to 3.683%. The price of the 30-year Treasury bond fell 1/32, bringing the yield to 3.930%.
For the week ending May 19, the Dow gained 0.38%, the Nasdaq rose 3.04% and the S&P 500 gained 1.65%. The Russell 2000 rose 1.89%, and the Wilshire 5000 finished 1.69% higher.
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DEALS AND PEOPLE
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Retirement Industry People Moves
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Institutional Retirement Income Council announces new appointments to board of directors; ERISA experts Treichel, Cooper, start Endeavor Law; The Standard selects divisional vice president; and more. 
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SURVEYS
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2023 Recordkeeping Survey
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Calling All Recordkeeping Firms! Don’t miss your chance to highlight your services for plan sponsors. Complete your entry in the PLANSPONSOR 2023 Recordkeeping Survey by the FINAL deadline, May 23.
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ON THIS DATE: In 1939, Adolf Hitler of Germany and Benito Mussolini of Italy signed the Pact of Steel, a full military and political alliance between their countries. In 1942, Mexico entered World War II by declaring war on Germany, Italy, and Japan. In 1960, one of the largest earthquakes on record struck the southern coast of Chile, killing about 5,700 people and creating seismic sea waves that caused death and destruction in distant Pacific coastal areas, notably Japan and Hawaii. In 1972, President Richard Nixon arrived in Moscow, the first visit by a U.S. head of state to the Soviet Union. In 1990, after 150 years apart, Marxist South Yemen and conservative North Yemen were unified as the Republic of Yemen. In 1992, comedian Johnny Carson, considered by many to be the king of late-night television, made his final appearance as host of The Tonight Show. In 2011, one of the deadliest tornadoes in U.S. history struck Joplin, Missouri, causing massive damage and killing some 160 people. In 2017, moments after Ariana Grande finished the final song of her concert at Manchester Arena, a suicide bomber detonated an explosion on the premises, killing 22 concertgoers and injuring 116 more. ISIS claimed responsibility for what was the deadliest act of terrorism in Britain since the 2005 London metro bombings.
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