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November 6th, 2023
Insight on Plan Design & Investment Strategy Every Weekday
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| ECONOMIC EVENTS |
Total nonfarm payroll employment increased by 150,000 in October, and the unemployment rate changed little at 3.9% the Bureau of Labor Statistics reported. Job gains occurred in health care, government, and social assistance. Employment declined in manufacturing due to strike activity.
Wednesday, the Census Bureau will report wholesale business inventories for September. Thursday, 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 222.24 points (0.66%) to close at 34,061.32, the Nasdaq rose 184.09 points (1.38%) to close at 13,478.28 and the S&P 500 rose 40.56 points (0.94%) to close at 4,358.34. The Russell 2000 rose 46.49 points (2.71%) to close at 1,760.70, and the FT Wilshire 5000 Index rose 490.43 points (1.13%) to close at 43,792.11.
The 10-year Treasury note fell 5/32, bringing the yield to 4.519%. The 30-year Treasury bond fell 4/32, bringing the yield to 4.700%.
For the week ending November 3, the Dow rose 5.07%, the Nasdaq rose 6.61% and the S&P 500 rose 5.85%. The Russell 2000 rose 7.56% and the Wilshire 5000 finished 6.03% higher.
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DEALS AND PEOPLE
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Retirement Industry People Moves
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BlackRock head of retirement named to IRI board; T. Rowe Price elects Donnelly as independent director; Global investment manager names new COO; 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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EVENTS
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Navigating ESG
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What is the current status of ESG investing for asset owners, plan sponsors and plan advisers? Who are the experts and where can investors go for information? What questions should investors ask as part of their due diligence? These questions and more will be discussed at the 2023 Navigating ESG Livestream event on November 8.
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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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ON THIS DATE: In 1860, Abraham Lincoln was elected the 16th president of the U.S., becoming the first Republican to win the presidency. In 1869, Rutgers defeated Princeton, 6-4, in the first college football game. The game was played with a soccer ball, watched by roughly 100 fans in New Brunswick, New Jersey and resembled rugby instead of today’s football. In 1887, Major League Baseball player Walter Johnson was born in Humboldt, Kansas. in 1888, Benjamin Harrison of the Republican Party was elected U.S. president by an electoral college majority despite losing the popular vote by more than 90,000 to his Democratic opponent, Grover Cleveland. In 1984, President Ronald Reagan won reelection in a landslide victory over Democratic candidate Walter F. Mondale. In 1995, Art Modell, the owner of the National Football League’s Cleveland Browns, announced that he was moving the team to Baltimore. In 2012, politician Tammy Baldwin, a Democrat from Wisconsin, became the first openly gay person to be elected to the U.S. Senate.
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