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November 1st, 2024
Insight on Plan Design & Investment Strategy Every Weekday
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| ECONOMIC EVENTS |
In the week ending October 26, the advance figure for seasonally adjusted initial claims was 216,000, a decrease of 12,000 from the previous week’s revised level of 228,000, the Department of Labor announced. The four-week moving average was 236,500, a decrease of 2,250 from the previous week’s revised average of 238,750.
Interest on a 30-year fixed-rate mortgage averaged 6.72% for the week ending October 31, up from last week when it averaged 6.54%, Freddie Mac reported. A year ago at this time, the 30-year FRM averaged 7.76%. Interest on a 15-year fixed-rate mortgage averaged 5.99%, up from last week when it averaged 5.71%. A year ago at this time, the 15-year FRM averaged 7.03%.
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| MARKET MIRROR |
Thursday, the Dow fell 378.08 points (0.90%) to close at 41,763.46, the Nasdaq fell 512.78 points (2.76%) to close at 18,095.15 and the S&P 500 fell 108.22 points (1.86%) to close at 5,705.45. The Russell 2000 fell 36.38 points (1.63%) to close at 2,196.65, and the FT Wilshire 5000 Index fell 1,043.96 points (1.79%) to close at 57,178.61.
The 10-year Treasury note increased 1/32, bringing the yield to 4.289%. The 30-year Treasury bond increased 26/32, bringing the yield to 4.475%.
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PRODUCTS
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Product & Service Launches
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Principal launches TDFs with ARS in-plan annuity option; Capital Group, KKR debut public-private fixed-income funds; North American and AMS introduce annuity series; and more. 
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VIDEO
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AI in the Retirement Industry
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Explore the potential use of artificial intelligence to improve retirement plan and participant outcomes in this engaging session.
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ON THIS DATE: In 1952, on an atoll of the Marshall Islands, Edward Teller and other American scientists tested the first thermonuclear bomb, its power resulting from an uncontrolled, self-sustaining nuclear chain reaction. In 1981, Antigua and Barbuda achieved independence from the U.K., with Vere Bird serving as the first prime minister. In 1993, the Maastricht Treaty entered into force, thereby establishing the European Union. In 1994, the National Aeronautics and Space Administration launched its Wind spacecraft on a mission that would include a “halo orbit” between the Sun and Earth to explore the space environment there. In 1997, James Cameron’s “Titanic” had its first public screening at the Tokyo International Film Festival; the movie would become one of the grossing of all time, and it made Leonardo DiCaprio and Kate Winslet international stars. In 1999, National Football League player Walter Payton, one of the game’s greatest running backs, died from bile duct cancer. In 2023, Major League Baseball’s Texas Rangers defeated the Arizona Diamondbacks, 4-1, to win the franchise’s first World Series.
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