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October 20th, 2023
Insight on Plan Design & Investment Strategy Every Weekday
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| ECONOMIC EVENTS |
Interest on a 30-yar fixed-rate mortgage averaged 7.63% for the week ending October 19, up from last week when it averaged 7.57%, according to Freddie Mac. A year ago at this time, the 30-year FRM averaged 6.94%. Interest on a 15-year fixed-rate mortgage averaged 6.92%, up from last week when it averaged 6.89%. A year ago at this time, the 15-year FRM averaged 6.23%.
In the week ending October 14, the advance figure for seasonally adjusted initial claims was 198,000, a decrease of 13,000 from the previous week’s revised level, the Department of Labor reported. The previous week’s level was revised up by 2,000 from 209,000 to 211,000. The four-week moving average was 205,750, a decrease of 1,000 from the previous week’s revised average. The previous week’s average was revised up by 500 from 206,250 to 206,750.
Existing-home sales slid 2.0% in September to a seasonally adjusted annual rate of 3.96 million, according to the National Association of Realtors. Sales retreated 15.4% from one year ago. The median existing-home sales price grew 2.8% from one year ago to $394,300, marking the third consecutive month of year-over-year price increases. The inventory of unsold existing homes climbed 2.7% from the prior month to 1.13 million at the end of September, or the equivalent of 3.4 months’ supply at the current monthly sales pace.
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| MARKET MIRROR |
Thursday, the Dow fell 250.92 points (0.75%) to close at 33,414.17, the Nasdaq fell 128.13 points (0.96%) to close at 13,186.18 and the S&P 500 fell 36.60 points (0.85%) to close at 4,278.00. The Russell 2000 fell 26.11 points (1.51%) to close at 1,702.70, and the FT Wilshire 5000 Index fell 397.64 points (0.92%) to close at 42,950.52.
The 10-year Treasury note fell 28/32, bringing the yield to 4.990%. The 30-year Treasury bond fell 1 6/32, bringing the yield to 5.106%.
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RESEARCH
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Don't miss your chance to participate in PLANSPONSOR's DC Survey!
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PLANSPONSOR’s annual DC Survey is closing soon. Be a part of the most widely used benchmarking data for the defined contribution retirement plan marketplace. Eligible plan sponsors that participate in the survey will get a free copy of an industry report that can be useful for plan benchmarking. 
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ON THIS DATE: In 1803, the U.S. Senate, after due consideration and considerable oratory, ratified the Louisiana Purchase. In 1882, Actor Bela Lugosi—who was famous for his sinister portrayal of the elegantly mannered vampire Count Dracula—was born in Hungary. In 1968, former first lady Jacqueline Kennedy married Greek shipping magnate Aristotle Onassis. In 1977, a plane carrying the Southern rock band Lynyrd Skynyrd, known for such songs as Free Bird and Sweet Home Alabama, crashed in Gillsburg, Mississippi, killing singer Ronnie Van Zant and guitarist Steve Gaines, among others. In 1973, Australia’s Sydney Opera House—designed by Danish architect Jørn Utzon in 1957—was opened by Queen Elizabeth II. In 1973, during the ongoing Watergate investigation, President Richard Nixon ordered special prosecutor Archibald Cox fired, resulting in the resignations of Attorney General Elliot Richardson and Deputy Attorney General William D. Ruckelshaus, both of whom refused to carry out his request; the events became known as the “Saturday Night Massacre” of Justice Department officials. In 2002, Blue Stream, the deepest underwater pipeline in the world, opened in Turkey and was put in use for the transport of natural gas. In 2011, Libyan de facto leader Muammar al-Qaddafi was killed by rebel forces following a revolt that received international military assistance. In 2014, Dominican-born American fashion designer Oscar de la Renta—whose work, blending European luxury with American ease, helped define standards of elegant dressing among socialites, U.S. first ladies, and red-carpet celebrities—died in Connecticut.
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