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November 20th, 2023
Insight on Plan Design & Investment Strategy Every Weekday
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| ECONOMIC EVENTS |
Privately-owned housing starts in October 2023 were at a seasonally adjusted annual rate of 1,372,000, the Census Bureau reported. This is 1.9% above the revised September 2023 estimate of 1,346,000 but is 4.2% below the October 2022 rate of 1,432,000. Single‐family housing starts in October were at a rate of 970,000; this is 0.2% above the revised September figure of 968,000. The October rate for units in buildings with five units or more was 382,000.
Tuesday, the National Association of Realtors will report existing home sales for October. Wednesday, 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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| MARKET MIRROR |
Friday, the Dow rose 1.81 points (0.01%) to close at 34,947.28, the Nasdaq rose 11.81 points (0.08%) to close at 14,125.48 and the S&P 500 rose 5.78 points (0.13%) to close at 4,514.02. The Russell 2000 rose 24.01 points (1.35%) to close at 1,797.77, and the FT Wilshire 5000 Index rose 112.90 points (0.25%) to close at 45,312.96.
The 10-year Treasury note was unchanged, bringing the yield to 4.440%. The 30-year Treasury bondfell 1/32, bringing the yield to 4.592%.
For the week ending November 17, the Dow rose 1.94%, the Nasdaq rose 2.37% and the S&P 500 rose 2.24%. The Russell 2000 rose 5.42%, and the FT Wilshire 5000 Index finished 2.54% higher.
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DEALS AND PEOPLE
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Retirement Industry People Moves
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Principal promotes Matos; Amundi names CIO; Eagle hires Picking as head of high-yield municipal credit team; and more. 
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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 1910, Francisco Madero launched a revolt that successfully ousted the dictator Porfirio Díaz by temporarily unifying various democratic and anti-Díaz forces, which ultimately sparked the Mexican Revolution by inspiring hope in such leaders as Pancho Villa and Emiliano Zapata, who then mobilized their ragged armies. In 1917, for the first time, tanks were used effectively in warfare, by the British at the Battle of Cambrai, in France. In 1925, politician Robert F. Kennedy—who held several posts in the administration of his brother President John F. Kennedy and later served as a U.S. senator before being assassinated—was born. In 1947, the future Queen Elizabeth II married Philip Mountbatten at Westminster Abbey. In 1969, Native American activists began an occupation of Alcatraz Island, protesting what they saw as the U.S. government’s ongoing economic, social and political neglect of Native Americans; they were forced off the island in June 1971. In 1975, Francisco Franco, ruler of Spain since his overthrow of the democratic government in 1939, died at age 82. In 1992, a massive fire erupted at Windsor Castle in Berkshire, England, causing the destruction of 115 rooms; though the priceless art collection was largely untouched, it took nearly five years to repair the damage. In 1997, tobacco companies signed an agreement with the governments of 46 U.S. states to settle the states’ claims for reimbursement of Medicaid funds they had expended to treat smoking-related illnesses, the settlement costing the tobacco manufacturers $206 billion beyond the $40 billion they had agreed to pay four other states in 1997. In 2006, filmmaker Robert Altman—an unconventional and independent director whose works emphasized character and atmosphere over plot in exploring themes of innocence, corruption, and survival—died at age 81.
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