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May 8th, 2023
Insight on Plan Design & Investment Strategy Every Weekday
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| ECONOMIC EVENTS |
Total nonfarm payroll employment rose by 253,000 in April, and the unemployment rate changed little at 3.4%, the Bureau of Labor Statistics reported. Employment continued to trend up in professional and business services, health care, leisure and hospitality, and social assistance.
Monday, the Census Bureau will report U.S, total business end-of-month wholesale inventories for March. Wednesday, the Bureau of Labor Statistics will report the Consumer Price Index for April. Thursday, the Bureau of Labor Statistics will report the producer price index for April, the Department of Labor will issue its initial jobless claims report and Freddie Mac will update average mortgage rates for the week.
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| ECONOMIC EVENTS |
Friday, the Dow gained 546.64 points (1.65%) to close at 33,674.38, the Nasdaq gained 269.02 points (2.25%) to close at 12,235.41 and the S&P 500 gained 75.03 points (1.85%) to close at 4,136.25. The Russell 2000 gained 41.07 points (2.39%) to close at 1,759.88 and the Wilshire 5000 gained 761.81 points (1.90%) to close at 40,768.03.
The price of the 10-year Treasury note rose 3/32, bringing the yield to 3.440%. The price of the 30-year Treasury bond rose 1/32, bringing the yield to 3.756%.
For the week ending May 5, the Dow lost 1.24%, the Nasdaq decreased 0.07% and the S&P 500 decreased 0.80%. The Russell 2000 fell 0.51% and the Wilshire 5000 finished 0.72% lower.
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DEALS AND PEOPLE
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Retirement Industry People Moves
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Millennium Trust announces new chief financial officer; Transamerica names customer experience and marketing lead; and more. 
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SURVEYS
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2023 Recordkeeping Sub Surveys
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Do you provide recordkeeping services for 403(b) plans, nonqualified deferred compensation plans and/or SEP/SIMPLE plans? If so, please help us present comprehensive data on those markets. Respond to our surveys by the FINAL deadline of May 23.
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ON THIS DATE: In 1846, U.S. troops under General Zachary Taylor defeated a Mexican force under General Mariano Arista in the Battle of Palo Alto, the first clash of the Mexican-American War. In 1886, pharmacist John S. Pemberton developed Coca-Cola, a drink he originally billed as a cure-all tonic. In 1942, at the Battle of the Coral Sea, the USS Lexington became the first U.S. aircraft carrier sunk during World War II. In 1945, following Germany’s unconditional surrender, World War II in Europe officially ended at midnight. In 1970, a month after Paul McCartney announced that he had left the Beatles, the British rock group released “Let It Be,” their last original studio album. In 1980, following a global vaccination program, the United Nations’ World Health Organization officially declared that smallpox was eradicated; for centuries, the acute infectious disease was one of the world’s most-dreaded plagues. In 1999, Nancy Mace became the first woman to graduate from The Citadel, a military college in Charleston, South Carolina. In 2010, 88-year-old actress Betty White, known for her roles on “The Golden Girls” and “The Mary Tyler Moore Show,” became the oldest person to host late-night TV sketch comedy show “Saturday Night Live.”
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