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October 30th, 2023
Insight on Plan Design & Investment Strategy Every Weekday
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| ECONOMIC EVENTS |
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Tuesday, the Conference Board will report the consumer confidence index for October. Wednesday, the Census Bureau will announce construction spending for September, and the Federal Reserve will make a decision on interest rates. Thursday, the Department of Labor will report initial jobless claims, and Freddie Mac will update average mortgage rates for the week.
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| MARKET MIRROR |
Friday, the Dow fell 366.71 points (1.12%) to close at 32,417.59, the Nasdaq rose 47.41 (0.38%) to close at 12,643.01 and the S&P 500 fell 19.86 points (0.48%) to close at 4,117.37. The Russell 2000 lost 20.07 points (1.21%) to close at 1,636.94, and the FT Wilshire 5000 lost 232.23 (0.56%) to close at 41,300.79.
The 10-year Treasury note was unchanged, bringing the yield to 4.843%. The 30-year Treasury bond decreased 4/32, bringing the yield to 5.023%.
For the week ending October 27, the Dow fell 2.14%, the Nasdaq fell 2.62% and the S&P 500 fell 2.53%. The Russell 2000 lost 2.61%, and the FT Wilshire 5000 Index fell 2.61% lower.
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DEALS AND PEOPLE
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Retirement Industry People Moves
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NAGDCA elevates Hiers to executive board president; Principal Asset Management hires Seaver as market director; Savvy Advisors recruits Most as principal wealth manager; and more. 
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EVENTS
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Navigating ESG
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What is the current status of ESG investing for asset owners, plan sponsors and plan advisers? Who are the experts and where can investors go for information? What questions should investors ask as part of their due diligence? These questions and more will be discussed at the 2023 Navigating ESG Livestream event on November 8.
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ON THIS DATE: In 1905, Emperor Nicholas II issued the October Manifesto, bringing the end of unlimited autocracy in Russia and ushering in an era of constitutional monarchy. In 1938, Orson Welles’s radio dramatization of H.G. Wells’s “War of the Worlds” was broadcast, causing great alarm—though reports of a nationwide panic were unfounded—as some listeners feared a genuine invasion from Mars. In 1961, the Soviet Union detonated Tsar Bomba over Novaya Zemlya Island in the Arctic Ocean; the largest nuclear weapon ever set off, it produced the most powerful human-made explosion ever recorded. In 1974, Muhammad Ali knocked out George Foreman in the “Rumble in the Jungle,” regaining the world heavyweight boxing title. In 1995, voters in Quebec narrowly defeated a referendum that proposed sovereignty for the province within a new economic and political partnership with the rest of Canada. In 2003, basketball player LeBron James, who was drafted directly out of high school, made his NBA debut with the Cleveland Cavaliers. In 2018, crime boss Whitey Bulger—who, as head of the Boston-area Winter Hill Gang, was a leading figure in organized crime from the late 1960s to the mid-1990s—was beaten to death by fellow inmates while in prison.
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