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| Market Mirror |
Yesterday, the Dow gained 371.32 points (2.08%) to finish at 18,259.60, the NASDAQ closed 119.80 points (2.37%) higher at 5,166.17, and the S&P 500 increased 46.34 points (2.22%) to 2,131.52. The Russell 2000 was up 4.64 points (0.39%) at 1,192.25, and the Wilshire 5000 climbed 465.81 points (2.16%) to 22,060.09.
On the NYSE, 3.1 billion shares traded, with advancing issues outnumbering declining issues nearly 5 to 1. On the NASDAQ, 2.9 billion shares changed hands, with a more than 4 to 1 lead for advancers.
The price of the 10-year Treasury note decreased 14/32, bringing its yield up to 1.826%. The price of the 30-year Treasury bond fell 24/32, increasing its yield to 2.600%. |
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| Sponsored message from Empower |
Empower Retirement’s Lifetime Income Score Report
The sixth annual Lifetime Income Score report includes survey results from more than 4,000 American workers. Based on individual responses, it estimates the percentage of working income that American households are on track to replace in retirement.Read more > |
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| Investing |
| Average Deferrals Higher Among Managed Account Users |
| Morningstar argues the increased savings benefits measured among managed account users are likely to outweigh the costs of such products over target-date fund (TDF) pricing.Read more > |
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| Compliance |
| The Internal Revenue Service (IRS) has issued a List of Required Modifications (LRMs) and Information Package for use with prototype SIMPLE IRAs intending to satisfy the requirements of Internal Revenue Code Section 408(p) and Section 408(a) or (b). The agency encourages plan sponsors to use the sample language contained in the package.Read more > |
| The Internal Revenue Service (IRS) has issued Notice 2016-67 describing the applicability of the market rate of return limitation rules to a defined benefit plan that expresses a participant’s accumulated benefit as the current value of an accumulated percentage of the participant’s final average compensation, highest average compensation, or highest average compensation during a limited period of years (a type of plan often referred to as a pension equity plan or PEP). In particular, the IRS addresses applicability of final hybrid plan regulations to implicit interest PEPs.Read more > |
| District Court Rejects Insurer Concerns with Fiduciary Reform |
| The U.S. District Court for the District of Columbia has rejected a lawsuit filed by the National Association for Fixed Annuities (NAFA), which had asked the court for “declaratory, injunctive, and other appropriate relief” that would have halted the implementation of the Department of Labor’s (DOL) new fiduciary rule.Read more > |
| IRS Offers Educational Materials for Retirement Plan Sponsors |
| The agency has announced the availability of Issue Snapshots and has updated two fix-it guides.Read more > |
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| Small Talk |
| ON THIS DATE: In 1793, The Louvre Museum, in Paris, opened to the public for the first time. In 1805, the “Corps of Discovery” reached the Pacific Ocean. The expedition was led by William Clark and Meriwether Lewis. The journey had begun on May 14, 1804, with the goal of exploring the Louisiana Purchase territory. In 1889, Montana became the 41st U.S. state. In 1895, Wilhelm Roentgen, while experimenting with electricity, discovered the scientific principle involved and took the first X-ray pictures. In 1933, the Civil Works Administration was created by executive order by U.S. President Franklin D. Roosevelt. The organization was designed to create jobs for more than 4 million unemployed people in the U.S. In 1954, the American League approved the transfer of the Philadelphia Athletics baseball team to Kansas City, Missouri. In 1965, the soap opera “Days of Our Lives” debuted on NBC-TV. In 1966, Edward W. Brooke of Massachusetts became the first African-American elected to the U.S. Senate by popular vote. In 1966, Ronald Reagan was elected governor of California. In 1979, U.S. Senators John Warner (R-Virginia) and Mac Mathias (R-Maryland) introduced legislation to provide a site on the National Mall for the building of the Vietnam Veterans Memorial. In 2000, in Florida, a state-wide recount began to decide the winner of the U.S. presidential election. |
| TRIVIAL PURSUITS: Why do frogs croak?Read more > |
| Share the good news with a friend! Pass the NewsDash along—and tell your friends/associates they can sign up for their own copy.Read more > |
