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October 31st, 2022
Insight on Plan Design & Investment Strategy Every Weekday
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| ECONOMIC EVENTS |
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Tuesday, the Census Bureau will report construction spending for September. Thursday, the Labor Department 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 report total nonfarm payroll employment and the unemployment rate for October.
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| MARKET MIRROR |
Friday, the Dow gained 828.52 points (2.59%) to close at 32,861.80, the Nasdaq gained 309.78 points (2.87%) to end trading at 11,102.45 and the S&P 500 increased 93.76 points (2.46%) to close at 3,901.06. The Russell 2000 gained 40.60 points (2.25%) to close at 1,846.92 and the Wilshire 5000 increased 881.40 points (2.32%) to finish at 38,952.74.
The price of the 10-year Treasury note decreased 29/32 bringing the yield up to 4.013%. The price of the 30-year Treasury bond decreased 30/32 bringing the yield up to 4.139%.
For the week ending October 28, the Dow gained 5.72%, the Nasdaq increased 2.24% and the S&P 500 was up 3.95%. The Russell 2000 increased 7.12% and the Wilshire 5000 finished 4.10% higher.
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Investing
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Growing Inclusion of Alts in DC Plans
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Defined contribution retirement plans are incorporating alternative investments in custom target-date funds, and access to alternatives has increased thanks to white-label funds. 
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DEALS AND PEOPLE
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Retirement Industry People Moves
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Hilb Group acquires employee benefits firm Allegacy Benefit Solutions; NEPC expands real assets team with real estate industry veteran; Prudential Financial announces leadership succession for U.S. and international businesses; and more.
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EVENTS
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Exploring ESG Investing Conference
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Join us Thursday, November 10, for a virtual conference to learn about regulations for environmental, social and governance investing in retirement plans; the debate over whether ESG factors are financial/performance factors; and what allocators, plan sponsors and advisers should consider when deciding whether and how to use ESG investments.
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SURVEYS
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DC Survey Now Open
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For more than 20 years, PLANSPONSOR’s annual Defined Contribution Survey has provided benchmarking data for nearly 50 industries/business sectors and for 401(k), 403(b), and other DC plans, as well as nonqualified plans. Represent your industry and plan type by participating, and you’ll receive a free benchmarking report.
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ON THIS DATE: In 1776, in his first speech to British Parliament since the leaders of the American Revolution signed the Declaration of Independence that summer, King George III acknowledged that all was not going well for Britain in the war with the U.S. In 1860, Juliette Low, the founder and first president of the Girl Scouts of the U.S.A., was born. In 1864, Nevada became the 36th state to join the U.S. In 1922, Benito Mussolini became prime minister of Italy; he was the first of Europe’s fascist dictators in the 20th century. In 1941, after nearly 15 years of work, the Mount Rushmore National Memorial in the Black Hills of South Dakota was completed; the colossal sculpture features the heads of Presidents George Washington, Thomas Jefferson, Theodore Roosevelt and Abraham Lincoln. In 1950, Earl Lloyd became the first Black player in the N.B.A. In 2001, Microsoft and the U.S. Justice Department reached a tentative agreement to settle the antitrust case against the software company. In 2007, Google shares hit $700 for the first time.
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