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May 31st, 2022
Insight on Plan Design & Investment Strategy Every Weekday
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| ECONOMIC EVENTS |
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Today, the Conference Board will reveal the Consumer Confidence Index for May. Tomorrow, the Census Bureau will report about construction spending for April. Thursday, the Department of Labor will reveal weekly initial claims for unemployment insurance and Freddie Mac will update average mortgage rates for the week. Friday, the Bureau of Labor Statistics will report the unemployment rate for May.
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| MARKET MIRROR |
Friday, the Dow gained 575.77 points (1.76%) to close at 33,212.96, the Nasdaq was up 390.48 points (3.33%) to 12,131.13 points, and the S&P increased 100.40 points (2.47%) to 4,158.24. The Russell 2000 gained 49.62 points (2.70%) to 1,887.86, and the Wilshire 5000 increased 1,043.62 points (2.59%) to 41,391.59.
The price of the 10-year Treasury note was unchanged with its yield increasing to 2.745%. The price of the 30-year Treasury bond increased 23/32 lowering its yield down to 2.970%.
For the week ending May 27, the Dow increased 6.24%, the Nasdaq gained 6.24%, and the S&P 500 was up 6.84%. The Russell 2000 climbed 6.46%, and the Wilshire 5000 was up 6.59% .
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DEALS AND PEOPLE
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Retirement Industry People Moves
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Cohen & Steers appoints DCIO specialist for Northeast U.S. territory; abrdn further expands institutional team; Manulife Investment Management names new global head of retirement; and more. 
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Insights
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A Look at Vesting
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Employer matches are often touted as "free money," but long vesting schedules hardly treat them as such.
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ON THIS DATE: In 1854, the Kansas-Nebraska Act passed by Congress. In 1859, the famous tower clock known as Big Ben, located at the top of the 320-foot-high Elizabeth Tower, rang out over the Houses of Parliament in Westminster, London, for the first time. In 1884, Dr. John Harvey Kellogg patented “flaked cereal.” In 1907, the first taxis arrived in New York City. They were the first in the United States. In 1913, the 17th Amendment went into effect. It provided for popular election of U.S. senators. In 1921, thousands of white citizens in Tulsa, Oklahoma, descended on the city’s predominantly Black Greenwood District, burning homes and businesses to the ground and killing hundreds of people. In 1941, the first issue of “Parade: The Weekly Picture Newspaper” went on sale. In 1962, near Tel Aviv, Israel, Adolf Eichmann, the Nazi SS officer who organized Adolf Hitler’s “final solution of the Jewish question,” was executed for his crimes against humanity. In 2003, in North Carolina, Eric Robert Rudolph was captured. He had been on the FBI’s 10 Most Wanted list for five years for several bombings including the 1996 Olympic bombing.
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