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| Economic Events | |
Despite ongoing inventory shortages and faster price growth, existing-home sales sustained their recent momentum and moved higher for the second consecutive month, according to the National Association of Realtors. A surge in sales in the Midwest and a decent increase in the Northeast offset smaller declines in the South and West. Total existing-home sales, which are completed transactions that include single-family homes, townhomes, condominiums and co-ops, rose 1.7% to a seasonally adjusted annual rate of 5.45 million in April from an upwardly revised 5.36 million in March. After last month’s gain, sales are now up 6.0% from April 2015. THE ECONOMIC WEEK AHEAD: Tomorrow, the Census Bureau will report about new home sales for April. Thursday, the Labor Department will issue its initial claims report, and the Census Bureau will report about durable goods orders for April. | |
| Market Mirror | |
Stocks closed higher Friday as traders responded to some encouraging earnings and deal news, according to the Associated Press. The Dow was up 65.54 points (0.38%) at 17,500.94, the NASDAQ gained 57.03 points (1.21%) to finish at 4,769.56, and the S&P 500 increased 12.27 points (0.60%) to 2,052.31. The Russell 2000 climbed 17.52 points (1.60%) to 1,112.27, and the Wilshire 5000 closed 214.52 points (1.02%) higher at 21,218.34. On the NYSE, 3.1 billion shares changed hands, with advancing issues outnumbering declining issues more than 4 to 1. On the NASDAQ, 2.7 billion shares traded, with a 3 to 1 lead for advancers. The price of the 10-year Treasury note was up 1/32, decreasing its yield to 1.849%. The price of the 30-year Treasury bond was up 2/32, bringing its yield down to 2.638%. WEEK’S WORTH: For the week ending May 20, the Dow was down 0.20%, the NASDAQ climbed 1.10%, and the S&P 500 was up 0.28%. The Russell 2000 gained 0.89%, and the Wilshire 5000 finished 0.48% higher. | |
| Compliance | |
| Understanding 403(b) Universal Availability Rules | |
| An IRS webcast revealed common universal availability rule errors found by the IRS, and discussed rule provisions, as well as how to avoid and fix errors.Read more > | |
| From the Magazine | |
| Insights: Getting to Work | |
| As everyone in the retirement plan industry is well aware by now, the final version of the revised fiduciary rule has been released from the Department of Labor (DOL). For the last few years, while this rule was in the proposal stage, those across the industry made comments and speeches about how the proposed versions will help or hurt the industry. Those opinions didn’t end after the comment period either—once we heard that the rule had gone to the Office of Management and Budget (OMB) for review, plenty of folks were happy to give their thoughts about what the timing of the rule might mean for its final contents. Regardless of those opinions—and some are still being released—we now have a final rule, one that differs substantially from the proposed versions, and we can begin working through it.Read more > | |
| Small Talk | |
| ON THIS DATE: In 1785, Benjamin Franklin wrote in a letter that he had invented bifocals. In 1788, South Carolina became the eighth state to ratify U.S. Constitution. In 1876, Boston’s Joe Borden pitched the very first no-hitter in the history of the National League. In 1879, the first U.S. veterinary school was established by Iowa State University. In 1895, the New York Public Library was created with an agreement that combined the city’s existing Astor and Lenox libraries. In 1934, in Bienville Parish, Louisiana, Bonnie Parker and Clyde Barrow were ambushed and killed by Texas Rangers. In 1937, industrialist John D. Rockefeller died. In 1962, the National Basketball Association (NBA) agreed to transfer the Philadelphia Warriors to San Francisco, California. The team became the San Francisco Warriors (and later the Golden State Warriors). In 1999, Gerry Bloch, at age 81, became the oldest climber to scale El Capitan in Yosemite National Park. He broke his own record that he set in 1986 when he was 68 years old. | |
| SURVEY SAYS: Advice to the Class of 2016 | |
| Last week, I asked NewsDash readers, “What is the TOP advice you would give to the college graduates of 2016?” Reader responses included advice about saving, career, living life, love and other things. Some of my favorite advice was: Begin saving for retirement from day 1; A job you enjoy and feel good about is more rewarding than making a lot of money doing a job you don’t like (or even hate); Do everything! You don’t want to look back and have regrets later in life that you played your life too safe and boring; Get (and stay) out of debt; You earn respect, it’s not just handed to you; Know yourself; Get rid of your entitlement attitude before you join the workforce, and a few others. But, Editor’s Choice goes to the reader who said: “Take some chances on yourself to pursue the crazy stuff now while you have no ‘strings’ attached. Travel if that’s your thing; try the dream job so you have no regrets.” Thanks to everyone for sharing in this week’s survey!Read more > | |
| Share the good news with a friend! Pass the NewsDash along—and tell your friends/associates they can sign up for their own copy.Read more > |
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Editorial: Alison Cooke Mintzer alison.mintzer@strategic-i.com
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