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May 31st, 2024
Insight on Plan Design & Investment Strategy Every Weekday
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Benefits
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EBSA Offers Retirement Planning Resources
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The Department of Labor’s Assistant Secretary Gomez offers tools and information for assisting with the transition to retirement from work in a new blog post. 
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| ECONOMIC EVENTS |
In the week ending May 25, the advance figure for seasonally adjusted initial claims was 219,000, an increase of 3,000 from the previous week’s revised level of 216,000, the Department of Labor reported. The four-week moving average was 222,500, an increase of 2,500 from the previous week’s revised average of 220,000.
Interest on a 30-year fixed-rate mortgage averaged 7.03% for the week ending May 30, up from last week when it averaged 6.94%, Freddie Mac reported. A year ago at this time, the 30-year FRM averaged 6.79%. Interest on a 15-year fixed-rate mortgage averaged 6.36%, up from last week when it averaged 6.24%. A year ago at this time, the 15-year FRM averaged 6.18%.
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| MARKET MIRROR |
Thursday, the Dow fell 330.06 points (0.86%) to close at 38,111.48, the Nasdaq fell 183.50 points (1.08%) to close at 16,737.08 and the S&P 500 fell 31.47 points (0.60%) to close at 5,235.48. The Russell 2000 rose 20.41 points (1.00%) to close at 2,056.60, and the FT Wilshire 5000 Index fell 241.35 points (0.46%) to close at 52,492.25.
The 10-year Treasury note decreased 2/32, bringing the yield to 4.556%. The 30-year Treasury bond decreased 2/32, bringing the yield to 4.678%.
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PRODUCTS
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Product & Service Launches
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T. Rowe Price partners with Ascensus to support its 529 business; Pontera and Stifel help 401(k) participants pursue retirement goals; MassMutual offers CAIS alternative investment platform to advisers.
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ON THIS DATE: In 1916, the Battle of Jutland, an encounter between British and German naval fleets in World War I, began. In 1943, football player Joe Namath, who was one of the game’s best passers and a cultural sports icon of the 1960s, was born in Beaver Falls, Pennsylvania. In 1962, the State of Israel hanged German official Adolf Eichmann, who had escaped from a prison camp in 1946 and spent some 14 years in hiding, for his part in the Nazi extermination of Jews during World War II. In 1977, the Trans-Alaska Pipeline—which connected the oil fields of Prudhoe Bay in northern Alaska with the harbor at Valdez, 800 miles to the south—was completed. In 2005, it was publicly revealed that former FBI official Mark Felt was “Deep Throat,” the anonymous informant at the center of the Watergate scandal that involved U.S. President Richard Nixon’s administration. In 2009, Millvina Dean, the last known person to have survived the sinking of the “Titanic” in 1912, died in Southampton, England; she was nine weeks old at the time of the disaster.
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