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October 19th, 2023
Insight on Plan Design & Investment Strategy Every Weekday
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| ECONOMIC EVENTS |
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Privately-owned housing starts in September 2023 were at a seasonally adjusted annual rate of 1,358,000, the Census Bureau reported. This is 7.0% above the revised August 2023 estimate of 1,269,000.
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| MARKET MIRROR |
Wednesday, the Dow fell 332.57 points (0.98%) to close at 33,665.08, the Nasdaq fell 219.45 points (1.62%) to close at 13,314.30 and the S&P 500 fell 58.60 points (1.34%) to close at 4,315.60. The Russell 2000 fell 37.24 points (2.11%) to close at 1,728.81, and the FT Wilshire 5000 Index fell 639.16 points (1.45%) to close at 43,348.15.
The 10-year Treasury note rose 2/32, bringing the yield to 4.902%. The 30-year Treasury bond rose 2/32, bringing the yield to 4.989%.
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ON THIS DATE: In 1781, British General Lord Cornwallis surrendered at Yorktown, Virginia, handing a victory to American General George Washington and effectively ending the American Revolution and assuring America’s independence. In 1789, John Jay was sworn in as the first chief justice of the Supreme Court. In 1812, one month after Napoleon Bonaparte’s invading force entered Moscow, the starving French army was forced to retreat out of Russia. In 1864, Confederate soldiers based in Canada crossed into St. Albans, Vermont, and robbed three banks in order to agitate the Union during the American Civil War. In 1897, industrialist George M. Pullman, inventor of the Pullman sleeping car used on railroads, died. In 1914, during World War I, the First Battle of Ypres began in western Flanders; the Allies and Germans settled into the trench warfare that would characterize the remainder of the war on the Western Front. In 1985, the first Blockbuster video-rental store opened, in Dallas, Texas. At a time when most video stores were small-scale operations featuring a limited selection of titles, Blockbuster opened with some 8,000 tapes displayed on shelves around the store and a computerized check-out process. In 1987, the Dow Jones Industrial Average plummeted nearly 23%, the largest one-day percentage drop in the stock market’s history. In 2003, Pope John Paul II beatified Mother Teresa, who had won the 1979 Nobel Peace Prize for her charity work.
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