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October 28th, 2024
Insight on Plan Design & Investment Strategy Every Weekday
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AWARDS
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2025 Plan Sponsor of the Year Nomination Period Is Open
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PLANSPONSOR is asking for your help with identifying plan sponsors that go above and beyond in their efforts to help participants with retirement security and financial wellness. The nomination period for our annual Plan Sponsor of the Year awards is now open. Get a preview of the nomination form and submit your nominations today!
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ECONOMIC EVENTS |
Wednesday, the U.S. Bureau of Economic Analysis will release the advance estimate of the third quarter 2024 Gross Domestic Product. Thursday, the Department of Labor will issue its initial jobless claims report and Freddie Mac will update average mortgage rates for the week. Friday, the Bureau of Labor Statistics will release the U.S. employment report for October.
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MARKET MIRROR |
Friday, the Dow fell 259.96 points (0.61%) to close at 42,114.40, the Nasdaq rose 103.12 points (0.56%) to close at 18,518.61 and the S&P 500 fell 1.74 points (0.03%) to close at 5,808.12. The Russell 2000 fell 10.93 points (0.49%) to close at 2,207.99, and the FT Wilshire 5000 Index fell 47.67 points (0.08%) to close at 58,080.41.
The 10-year Treasury note decreased 2/32, bringing the yield to 4.244%. The 30-year Treasury bond decreased 26/32, bringing the yield to 4.502%.
In the week ending October 25, the Dow fell 2.68%, the Nasdaq rose 0.16% and S&P 500 fell 0.90%. The Russell 2000 fell 2.99%, and the FT Wilshire 5000 Index finished 1.16% lower.
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Deals and People
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Retirement Industry People Moves
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Nationwide names a new head of its annuity business; OneAmerica announces new president of employee benefits; Pentegra adds a new member to its executive team; and more.
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SPECIAL COVERAGE
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Cybersecurity
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A review of the questions plan sponsors can ask their providers and their teams, as they try to keep plans safe from cyber attacks.
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ON THIS DATE: In 1886, President Grover Cleveland officially dedicated the Statue of Liberty—a gift from the people of France to the people of the U.S.—on Bedloe’s (later Liberty) Island in Upper New York Bay. In 1955, computer programmer and entrepreneur Bill Gates—who cofounded Microsoft, the world’s largest personal-computer software company—was born. In 1962, Soviet Premier Nikita Khruschev capitulated to U.S. demands to halt delivery of nuclear-armed missiles to Cuba, ending the Cuban missile crisis. In 1965, the Gateway Arch in St. Louis, Missouri, designed by Finnish-born American architect Eero Saarinen to commemorate St. Louis’s historic role as “Gateway to the West,” was completed. In 1967, actress Julia Roberts, known for her roles in films like “Pretty Woman” and “Notting Hill,” was born. In 1971, Great Britain launched Prospero, its first Earth satellite. In 2007, Argentine lawyer and politician Cristina Fernandez Kirchner became the first woman elected president of Argentina. In 2023, actor Matthew Perry, who played Chandler Bing on the sitcom “Friends,” died at the age of 54 of “acute effects of ketamine,” an anesthetic drug.
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