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November 10th, 2023
Insight on Plan Design & Investment Strategy Every Weekday
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| ECONOMIC EVENTS |
In the week ending November 4, the advance figure for seasonally adjusted initial claims was 217,000, a decrease of 3,000 from the previous week’s revised level, the Labor Department reported. The previous week’s level was revised up by 3,000 to 220,000 from 217,000. The four-week moving average was 212,250, an increase of 1,500 from the previous week’s revised average.
Interest on a 30-year fixed-rate mortgage averaged 7.5% for the week ending November 9, down from last week when it averaged 7.76%. A year ago at this time, the 30-year FRM averaged 7.08%. Interest on a 15-year fixed-rate mortgage averaged 6.81%, down from last week when it averaged 7.03%. A year ago at this time, the 15-year FRM averaged 6.38%.
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| MARKET MIRROR |
Thursday, the Dow fell 220.33 points (0.65%) to close at 33,891.94, the Nasdaq fell 128.97 points (0.94%) to close at 13,521.45 and the S&P 500 fell 35.43 points (0.81%) to close at 4,347.35. The Russell 2000 fell 26.83 points (1.57%) to close at 1,687.24, and the FT Wilshire 5000 Index fell 389.59 points (0.89%) to close at 43,538.20.
The 10-year Treasury note fell 30/32, bringing the yield to 4.622%. The 30-year Treasury bond fell 2 25/32, bringing the yield to 4.773%.
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PRODUCTS
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Investment product and service launches
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Franklin Templeton converts mutual fund into newly listed ETF; SCG Asset Management offers equity-linked note interval fund; Voyant introduces wellness solution. 
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AWARDS
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Do You Work With a Great Plan Adviser!
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Nominate your plan adviser today for the 2024 Retirement Plan Adviser of the Year awards. We need your help in identifying the best in the business. The deadline for nominations is November 30.
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RESEARCH
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Don't miss your chance to participate in PLANSPONSOR's DC Survey!
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PLANSPONSOR’s annual DC Survey is closing soon. Be a part of the most widely used benchmarking data for the defined contribution retirement plan marketplace. Eligible plan sponsors that participate in the survey will get a free copy of an industry report that can be useful for plan benchmarking.
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ON THIS DATE: In 1775, the United States Marine Corps was founded when the Continental Congress ordered that two battalions of marines be raised for service during the American Revolution. In 1898, the multiracial Fusionist (Republican and Populist) city government of Wilmington, North Carolina, was violently overthrown, and as many as 60 Black Americans were killed in a premeditated murder spree that was the culmination of an organized months-long statewide campaign by white supremacists. In 1928, the first installment of “All Quiet on the Western Front,” Erich Maria Remarque’s acclaimed novel of World War I, appeared in the German magazine Vossische Zeitung. In 1958, the Hope diamond, one of the largest blue diamonds known, was donated to the Smithsonian Institution in Washington, D.C., becoming one of its most-popular attractions. In 1969, the children’s TV series Sesame Street—which featured a cast of puppet characters that included Big Bird and the Cookie Monster—debuted on the National Educational Television network (later PBS). In 1975, the freighter Edmund Fitzgerald sank during a storm on Lake Superior, killing all 29 aboard; its mysterious demise inspired a Gordon Lightfoot song that helped make it the most famous shipwreck in the Great Lakes. In 1982, Soviet statesman and Communist Party leader Leonid Brezhnev died in Moscow after presiding as the leader of the Soviet Union for more than 18 years In 1990, the comedy film “Home Alone,” written by John Hughes and starring Macaulay Culkin, had its world premiere; a huge hit, it spawned a number of sequels and became a TV staple during the Christmas holidays. In 2001, after 15 years of negotiations, China’s membership in the World Trade Organization was approved, and the following day Taiwan’s membership was approved.
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