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November 3rd, 2023
Insight on Plan Design & Investment Strategy Every Weekday
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| ECONOMIC EVENTS |
In the week ending October 28, the advance figure for seasonally adjusted initial claims was 217,000, an increase of 5,000 from the previous week’s revised level of 212,000, the Department of Labor announced. The four-week moving average was 210,000, an increase of 2,000 from the previous week’s revised average of 208,000.
Interest on a 30-year fixed-rate mortgage averaged 7.76% for the week ending November 2, down from last week when it averaged 7.79%, according to Freddie Mac. A year ago at this time, the 30-year FRM averaged 6.95%. Interest on a 15-year fixed-rate mortgage averaged 7.03%, unchanged from last week. A year ago at this time, the 15-year FRM averaged 6.29%.
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| MARKET MIRROR |
Thursday, the Dow rose 564.50 points (1.70%) to close at 33,839.08, the Nasdaq rose 232.72 points (1.78%) to close at 13,294.19 and the S&P 500 rose 79.92 points (1.89%) to close at 4,317.78. The Russell 2000 rose 44.51 points (2.67%) to close at 1,714.21, and the FT Wilshire 5000 Index rose 837.93 points (1.97%) to close at 43,301.68.
The 10-year Treasury note increased 5/32, bringing the yield to 4.663%. The 30-year Treasury bond increased 1 29/32, bringing the yield to 4.807%.
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PRODUCTS
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Investment Product & Service Launches
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Vanguard to expand municipal bond ETF lineup; Planswell expands free offering to retirees; John Hancock Investment Management expands ETF lineup; and more. 
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ON THIS DATE: In 1949, British editor Anna Wintour—who, as the longtime editor of American “Vogue,” became one of the most powerful figures in fashion—was born. In 1956, the film “The Wizard of Oz” aired on television for the first time and was seen by an estimated 45 million viewers; its repeated airings on TV helped make the movie an enduring classic. In 1957, the Soviet Union launched Sputnik 2, which carried the dog Laika, the first living creature to be shot into space and orbit Earth. In 1978, Caribbean island Dominica achieved full independence from the U.K., with Patrick Roland John as its first prime minister. In 1992, Democratic politician Carol Moseley Braun became the first Black woman elected to the U.S. Senate. In 1998, a previously unknown 15.5-mile segment of the Great Wall of China, located in the Hui Autonomous Region of Ningxia, was discovered. In the same year, American cartoonist Bob Kane, who created (with Bill Finger) the comic book characters Batman and Robin, died in Los Angeles. In 2014, One World Trade Center opened in New York City on the site of the former World Trade Center complex, which had been largely destroyed in the September 11, 2001 attacks.
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