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November 22nd, 2019
Insight on Plan Design & Investment Strategy Every Weekday
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| Economic Events |
In the week ending November 16, the advance figure for seasonally adjusted initial claims for unemployment insurance was 227,000, unchanged from the previous week’s revised level of 227,000, the Labor Department reported. The four-week moving average was 221,000, an increase of 3,500 from the previous week’s revised average of 217,500.
Existing-home sales rose in October, a slight recovery from the declines seen in September, according to the National Association of Realtors. The four major U.S. regions were split last month, with the Midwest and the South seeing growth, and the Northeast and the West both reporting a drop in sales. Total existing-home sales, completed transactions that include single-family homes, townhomes, condominiums and co-ops, increased 1.9% from September to a seasonally-adjusted annual rate of 5.46 million in October. Despite lingering regional variances, overall sales are up 4.6% from a year ago (5.22 million in October 2018).
The average interest rate for a 30-year fixed-rate mortgage is 3.66%, down from 3.75% one week ago, according to Freddie Mac. The average interest rate for a 15-year fixed-rate mortgage is 3.15%, down from 3.2%.
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| Market Mirror |
Thursday, the Dow lost 54.80 points (0.20%) to finish at 27,766.29, the NASDAQ closed 20.52 points (0.24%) lower at 8,506.21, and the S&P 500 was down 4.92 points (0.16%) at 3,103.54. The Russell 2000 decreased 7.62 points (0.48%) to 1,583.99, and the Wilshire 5000 fell 58.72 points (0.19%) to 31,607.15.
The price of the 10-year Treasury note fell 25/32, increasing its yield to 1.777%. The price of the 30-year Treasury bond decreased 4/32, bringing its yield up to 2.232%.
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ON THIS DATE: In 1718, English pirate Edward Teach (a.k.a. “Blackbeard”) was killed during a battle off the coast of North Carolina. In 1950, the lowest scoring game in the NBA was played. The Fort Wayne Pistons (later the Detroit Pistons) defeated the Minneapolis Lakers (later the Los Angeles Lakers) 19-18. In 1963, President John F. Kennedy was assassinated while riding in a motorcade in Dallas. Texas Governor John B. Connally was also seriously wounded. Vice-President Lyndon B. Johnson was inaugurated as the 36th U.S. President. In 1972, President Richard M. Nixon lifted a ban on American travel to Cuba. The ban had been put in place on February 8, 1963. In 1985, 38,648 immigrants became citizens of the United States at the largest swearing-in ceremony. 1990 – British Prime Minister Margaret Thatcher announced she would resign. In 1993, Mexico’s Senate overwhelmingly approved the North American Free Trade Agreement. In 2005, Angela Merkel was elected as Germany’s first female chancellor.
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