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October 6th, 2023
Insight on Plan Design & Investment Strategy Every Weekday
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| ECONOMIC EVENTS |
In the week ending September 30, the advance figure for seasonally adjusted initial jobless claims was 207,000, an increase of 2,000 from the previous week’s revised level of 205,000, the Department of Labor announced. The four-week moving average was 208,750, a decrease of 2,500 from the previous week’s revised average of 211,250.
Interest on a 30-year fixed-rate mortgage averaged 7.49% for the week ending October 5, up from last week when it averaged 7.31%, according to Freddie Mac. A year ago at this time, the 30-year FRM averaged 6.66%. Interest on a 15-year fixed-rate mortgage averaged 6.78%, up from last week when it averaged 6.72%. A year ago at this time, the 15-year FRM averaged 5.90%.
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| MARKET MIRROR |
Thursday, the Dow fell 9.98 points (0.03%) to close at 33,119.57, the Nasdaq fell 16.18 points (0.12%) to close at 13,219.83 and the S&P 500 fell 5.56 points (0.13%) to close at 4,258.19. The Russell 2000 rose 2.50 points (0.14%) to close at 1,731.51, and the FT Wilshire 5000 Index lost 53.03 points (0.12%) to close at 42,823.19.
The 10-year Treasury note increased 2/32, bringing the yield to 4.708%. The 30-year Treasury bond decreased 4/32, bringing the yield to 4.888%.
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PRODUCTS
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Investment Product and Service Launches
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Ascensus announces launch of American Funds PEP solution; Allspring Global Investments introduces custom SMA portal; Capital Group unveils adviser benchmark service; 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 1892, the English poet widely regarded as chief representative of the Victorian Age of poetry, Alfred, Lord Tennyson, died at age 83. In 1927, “The Jazz Singer,” starring Al Jolson, premiered in New York City, introducing the sound era of motion pictures. In 1960, the adventure film “Spartacus,” directed by Stanley Kubrick and starring Kirk Douglas premiered; it won several Academy Awards, including best supporting actor for Peter Ustinov. In 1973, on the Jewish holiday of Yom Kippur, Egypt and Syria attacked Israel, which suffered heavy casualties, but Israeli forces successfully fought back, and the war eventually ended inconclusively. In 1976, the Gang of Four, a political faction composed of four Chinese Communist Party officials, having lost their influence with the death of Mao Zedong, were arrested. In 1981, Egyptian President Anwar Sadat was assassinated by members of the radical fringe of the Muslim opposition. In 1993, Michael Jordan retired from professional basketball, saying “I don’t have anything else to prove,” only to return in March 1995. In 2000, near Sakaiminato, Japan, an earthquake of magnitude 7.3 struck, but damage and casualties were relatively low because the epicenter was in a sparsely inhabited area.
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