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November 2nd, 2020
Insight on Plan Design & Investment Strategy Every Weekday
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Deals and People
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Retirement Industry People Moves
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DWS selects head of wealth practice; Bar Harbor Trust Services announces new retirement plan coordinator; and AIG pursues separation of Life & Retirement business. 
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| Economic Events |
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Today, the Census Bureau will report about construction spending for September, and tomorrow, it will report about factory orders for September. Thursday, the Labor Department will issue its initial claims report. Friday, the Bureau of Labor Statistics will reveal the unemployment rate for October, and the Census Bureau will report about wholesale trade for September.
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| Market Mirror |
Friday, the Dow was down 157.51 points (0.59%) at 26,501.60, the NASDAQ fell 274.00 points (2.45%) to 10,911.59, and the S&P 500 decreased 40.15 points (1.21%) to 3,269.96. The Russell 2000 lost 23.10 points (1.48%) to finish at 1,538.48, and the Wilshire 5000 closed 491.50 points (1.44%) lower at 33,724.98.
The price of the 10-year Treasury note decreased 26/32, bringing its yield up to 0.875%. The price of the 30-year Treasury bond fell 1 2/32, increasing its yield to 1659%.
For the week ending October 30, the Dow fell 6.47%, the NASDAQ was down 5.51%, and the S&P 500 decreased 5.64%. The Russell 2000 lost 6.22%, and the Wilshire 5000 finished 5.78% lower.
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ON THIS DATE: In 1867, “Harper’s Bazaar” magazine was founded. In 1889, North Dakota and South Dakota were admitted into the union as the 39th and 40th states. In 1920, the first commercial radio station in the U.S., KDKA of Pittsburgh, Pennsylvania, began regular broadcasting. In 1948, Harry S. Truman defeated Thomas E. Dewey for the U.S. presidency. The Truman victory surprised many polls and newspapers. The Chicago Tribune published an early edition that had the headline “DEWEY DEFEATS TRUMAN.” In 1983, President Ronald Reagan signed a bill in the White House Rose Garden designating a federal holiday honoring Martin Luther King, Jr., to be observed on the third Monday of January. In 1989, Carmen Fasanella retired after 68 years and 243 days of taxicab service in Princeton, New Jersey. In 1993, Christie Todd Whitman was elected the first woman governor of New Jersey. In 2000, the first residential crew arrived aboard the International Space Station. In 2003, in the U.S., the Episcopal Church diocese consecrated the church’s first openly gay bishop.
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SURVEY SAYS RESPONSES: More than three years ago, I asked NewsDash readers what they thought would be the negatives if they worked from home all the time. Now that most readers have experienced working from home full-time, last week, I re-asked the question. The top negative selected by NewsDash readers this year was the same as in 2017—lack of social interaction with coworkers (72.1% in 2020 vs. 62% in 2017). “Not moving enough because you’re stuck at your desk” was the second most selected negative in 2020 (53.5%). “Lack of connection with co-workers,” at 57%, ranked second in 2017, but was the third most selected choice in 2020 (48.8%). Readers who left comments noted some of the pluses of working from home, with time saved on commuting a top mention. Zoom meeting fatigue, loneliness and difficulty training employees were mentioned as other negatives. How one adjusts the home work space and developing discipline are ways to mitigate the negatives, according to a couple of readers. Editor’s Choice goes to the reader who said: “I no longer work from home, I live at work.” Thanks so much to all who responded to the survey!
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