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May 28th, 2024
Insight on Plan Design & Investment Strategy Every Weekday
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| ECONOMIC EVENTS |
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Tuesday, the Conference Board will release its Consumer Confidence Index for May. Thursday, the Department of Labor will announce initial jobless claims, and the Freddie Mac will update average mortgage rates for the week.
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| MARKET MIRROR |
Friday, the Dow rose 4.33 points (0.01%) to close at 39,069.59, the Nasdaq rose 184.76 points (1.10%) to close at 16,920.79 and the S&P 500 rose 36.88 points (0.70%) to close at 5,304.72. The Russell 2000 rose 21.26 points (1.04%) to close at 2,069.67, and the FT Wilshire 5000 Index rose 381.79 points (0.72%) to close at 53,188.10.
The 10-year Treasury note increased 1/32, bringing the yield to 4.470%. The 30-year Treasury bond increased 3/32, bringing the yield to 4.575%.
For the week ending May 24, the Dow fell 2.33%, the Nasdaq rose 1.41% and the S&P 500 rose 0.03%. The Russell 2000 fell 1.24%, and the FT Wilshire 5000 Index finished 0.16% lower.
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DEALS AND PEOPLE
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Retirement Industry People Moves
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Gangwani named CIO of Legal & General Retirement America; ERISA attorneys hired by Norton Rose Fulbright and Nossaman; Abrdn CEO steps down as asset manager searches for a replacement; and more. 
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ON THIS DATE: In 1830, the Indian Removal Act was passed, allowing U.S. President Andrew Jackson to grant Native American tribes unsettled western prairie land in exchange for their settlements within the borders of extant U.S. states, thereby clearing the way for further white settlement. In 1934, the Dionne quintuplets, the first set of documented quintuplets to survive, were born near Callander, Ontario, Canada. In 1937, Neville Chamberlain became prime minister of the U.K. The same day, German automaker Volkswagen was founded to mass-produce a low-priced “people’s car”; the company was originally operated by a Nazi organization. In 1961, dedicated to informing public opinion about human rights and to securing the release of political prisoners, Amnesty International was founded in London and won the 1977 Nobel Peace Prize. In 1998, Pakistan successfully conducted several underground nuclear tests, making it the seventh country to possess nuclear weapons. In 1999, after some two decades of restoration work, Leonardo da Vinci’s “Last Supper” was reopened to public view in Santa Maria delle Grazie, Milan. In 2014, poet and memoirist Maya Angelou—whose several volumes of autobiography explore the themes of economic, radical sexual oppression—died at age 86.
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