| Economic Events | Privately-owned housing starts in September were at a seasonally adjusted annual rate of 1,047,000, the Census Bureau reported. This is 9.0% below the revised August estimate of 1,150,000 and is 11.9% below the September 2015 rate of 1,189,000. Single-family housing starts in September were at a rate of 783,000; this is 8.1% above the revised August figure of 724,000. The September rate for units in buildings with five units or more was 250,000. | | Market Mirror | Wednesday, the Dow gained 40.75 points (0.22%) to finish at 18,202.69, the NASDAQ was up 2.58 points (0.05%) at 5,246.41, and the S&P 500 increased 4.69 points (0.22%) to 2,144.29. The Russell 2000 closed 5.35 points (0.44%) higher at 1,222.64, and the Wilshire 5000 climbed 61.25 points (0.28%) to 22,304.20.
On the NYSE, 3.1 billion shares traded, with advancing issues outnumbering declining issues more than 2 to 1. On the NASDAQ, 2.9 billion shares changed hands, with 3 advancers for every 2 decliners.
The price of the 10-year Treasury note was down 2/32, increasing its yield to 1.744%. The price of the 30-year Treasury bond decreased 3/32, bringing its yield up to 2.510%. | | From the Magazine | What is the ‘New Normal’? | As of late, a number of analysts have predicted that the slower growth of the U.S. economy after the Great Recession could cause stock market returns to fall from 7%—the current annual average—to a possible 5% in the decades to come. Without even factoring in the potential implications for savings due to rising interest rates, those projections will undoubtedly have people rethinking how their savings will look as income.Read more > | | Compliance | ESOP Fiduciaries Sued for Inflated Price of Stock Purchase | The U.S. Department of Labor (DOL) has filed a lawsuit against the fiduciaries of a Virginia-based employee stock ownership plan (ESOP), alleging the defendants failed to protect the assets of the plan as it purchased nearly $21 million in company shares from the president of Sentry Equipment Erectors Inc. who was also a trustee of the ESOP. The lawsuit alleges that the owner of Sentry Equipment Erectors, Inc., Adam Vinoskey, sold his stock to the company’s ESOP at an inflated price in 2010.Read more > | | Investing | Report Rebukes N.Y. Retirement Funds Investments in Hedge Funds | A report from Department of Financial Services Superintendent Maria T. Vullo says actions of the New York State Comptroller are in contrast to other state pension managers which have reduced or eliminated hedge fund investments.Read more > | | Small Talk | ON THIS DATE: In 1774, the new Continental Congress, the governing body of America’s colonies, passed an order proclaiming that all citizens of the colonies “discountenance and discourage all horse racing and all kinds of gaming, cock fighting, exhibitions of shows, plays and other expensive diversions and entertainment.” In 1803, the U.S. Senate approved the Louisiana Purchase. In 1818, the U.S. and Great Britain established the boundary between the U.S. and Canada to be the 49th parallel. In 1903, a joint commission ruled in favor of the U.S. concerning a dispute over the boundary between Canada and the District of Alaska. In 1947, Hollywood came under scrutiny as the House Un-American Activities Committee opened hearings into alleged Communist influence within the motion picture industry. In 1979, the John F. Kennedy Library in Boston was dedicated. In 1994, the website WhiteHouse.gov was launched. In 2003, a 40-year-old man went over Niagara Falls without safety devices and survived. He was charged with illegally performing a stunt. | SURVEY SAYS: This spike in temperatures where I live is blurring the line between summer and fall, which is my favorite time of year. This week, I’d like to know, if it did not have a bad effect on nature, what temperature range would you prefer for the entire year? You may respond to this week’s survey by 6 p.m. Pacific time today.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 > |
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