|
November 8th, 2024
Insight on Plan Design & Investment Strategy Every Weekday
|
|
|
|
|
|
|
|
|
|
| ECONOMIC EVENTS |
The Federal Open Market Committee lowered the federal funds rate by a quarter percentage point, or 25 basis points, to a target range of 4.50% to 4.75%.
In the week ending November 2, the advance figure for seasonally adjusted initial claims was 221,000, an increase of 3,000 from the previous week’s revised level of 218,000, the Department of Labor reported. The four-week moving average was 227,250, a decrease of 9,750 from the previous week’s revised average of 237,000.
Interest on a 30-year fixed-rate mortgage averaged 6.79% for the week ending November 7, up from last week when it averaged 6.72%, Freddie Mac reported. A year ago at this time, the 30-year FRM averaged 7.50%. Interest on a 15-year fixed-rate mortgage averaged 6%, up from last week when it averaged 5.99%. A year ago at this time, the 15-year FRM averaged 6.81%.
|
|
|
|
| MARKET MIRROR |
Thursday, the Dow fell 0.59 points (0%) to close at 43,729.34, the Nasdaq rose 285.99 points (1.51%) to close at 19,269.46 and the S&P 500 rose 44.06 points (0.74%) to close at 5,973.10. The Russell 2000 fell 10.23 points (0.43%) to close at 2,382.69, and the FT Wilshire 5000 Index rose 405.15 points (0.68%) to close at 60,057.57.
The 10-year Treasury note increased 29/32, bringing the yield to 4.3242%. The 30-year Treasury bond increased 29/32, bringing the yield to 4.536%.
|
|
|
|
|
|
PRODUCTS
|
|
Product & Service Launches
|
Axos Clearing, Envestnet partner to deliver managed account solutions; Pontera offers access to Envestnet’s BillFin solution; Jackson increases access to RILA product through distribution partnership with JPMorganChase; and more. 
|
|
|
|
|
ON THIS DATE: In 1932, during the Great Depression, Democrat Franklin D. Roosevelt easily defeated incumbent Republican Herbert Hoover to win the presidency of the U.S. In 1960, Democratic Senator John F. Kennedy was elected president of the U.S. In 1966, President Lyndon B. Johnson signed a tax bill that included a rider allowing the National Football League to merge with the American Football League, thus preventing legal challenges to the merger involving antitrust issues. In 1978, illustrator Norman Rockwell, best known for his covers of “The Saturday Evening Post,” died. In 1994, in the U.S. midterm elections, Republicans won control of the House of Representatives and the Senate for the first time in 40 years; the sweeping victory was partly because of President Bill Clinton’s low popularity at the time. In 2013, the Philippines endured what many consider its worst natural disaster when the country was struck by Super Typhoon Haiyan, one of the most powerful cyclones ever recorded to strike land. In 2016, despite trailing in most polls, Republican Donald Trump was elected the 45th president of the U.S., though is opponent Hillary Clinton, won the popular vote by more than 2.8 million. In 2020, Canadian-born television personality Alex Trebek, who was best known as the host of the TV game show “Jeopardy!”, died at age 80.
|
|
|
Did someone forward you this newsletter? Sign up here to get NEWSDash directly in
your mailbox!
|
|
Copyright ©2024 Asset International, Inc. All rights reserved.
No reproduction without prior authorization.
|
|
702 King Farm Boulevard, Suite 300, Rockville, MD 20850
|
|
|
