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November 9th, 2020
Insight on Plan Design & Investment Strategy Every Weekday
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| Economics |
September sales of merchant wholesalers, except manufacturers’ sales branches and offices, after adjustment for seasonal variations and trading day differences but not for price changes, were $486.0 billion, up 0.1% from the revised August level, but down 2.3% from the revised September 2019 level, the Census Bureau reported. The July to August percent change was revised from the preliminary estimate of up 1.4% to up 1.2%.
Total nonfarm payroll employment rose by 638,000 in October, and the unemployment rate declined to 6.9%, the Bureau of Labor Statistics reported.
Thursday, the Labor Department will issue its initial claims report, and the Bureau of Labor Statistics will reveal the consumer price index for October. Friday, the Bureau of Labor Statistics will reveal the producer price index for October.
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| Market Mirror |
Friday, the Dow closed 66.78 points (0.24%) lower at 28,323.40, the NASDAQ was up 4.30 points (0.04%) at 11,895.23, and the S&P 500 was down 1.01 points (0.03%) at 3,509.44. The Russell 2000 lost 15.89 points (0.96%) to finish at 1,644.16, and the Wilshire 5000 decreased 11.92 points (0.03%) to 36,256.93.
The yield on the 10-year Treasury note was 0.815%, and the yield on the 30-year Treasury bond was 1.607%.
For the week ending November 6, the Dow increased 6.87%, the NASDAQ climbed 9.01%, and the S&P 500 finished 7.32% higher. The Russell 2000 was up 6.87%, and the Wilshire 5000 gained 7.51%.
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Compliance
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J.C. Penney Pension Plan Taken Over by PBGC
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The company recently entered an asset purchase agreement designed to allow it to emerge from Chapter 11 bankruptcy, but the pension plan was not part of the deal. 
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Deals and People
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Retirement Industry People Moves
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OneDigital acquires Berkshire employee benefits division; SageView Advisory Group hires institutional client relationship leaders; Janus Henderson investors selects ESG global head; and more.
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ON THIS DATE: In 1906, President Theodore Roosevelt left for Panama to see the progress on the new canal. It was the first foreign trip by a U.S. president. In 1935, United Mine Workers president John L. Lewis and other labor leaders formed the Committee for Industrial Organization. In 1961, the Professional Golfer’s Association (PGA) eliminated its “Caucasians only” rule. In 1965, at dusk, the biggest power failure in U.S. history occurred as all of New York state, portions of seven neighboring states, and parts of eastern Canada were plunged into darkness. In 1984, a bronze statue titled “Three Servicemen,” by Frederick Hart, was unveiled at the site of the Vietnam Veterans Memorial in Washington, D.C. In 1989, Communist East Germany opened its borders, allowing its citizens to travel freely to West Germany. In 2004, First Lady Laura Bush officially reopened Pennsylvania Avenue in front of the White House to pedestrians.
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