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October 9th, 2023
Insight on Plan Design & Investment Strategy Every Weekday
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| ECONOMIC EVENTS |
Total nonfarm payroll employment rose by 336,000 in September, and the unemployment rate was unchanged at 3.8%, the U.S. Bureau of Labor Statistics reported. Job gains occurred in the leisure and hospitality; government; health care; professional, scientific, and technical services; and social assistance sectors.
Tuesday, the Census Bureau will report U.S. total business end-of-month inventories for August. Wednesday, the Bureau of Labor Statistics will report the Producer Price Index for September. Thursday, the Department of Labor will issue its initial jobless claims report and Freddie Mac will update average mortgage rates for the week.
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| MARKET MIRROR |
Friday, the Dow rose 288.01 points (0.87%) to close at 33,407.58, the Nasdaq rose 211.51 points (1.60%) to close at 13,431.34 and the S&P 500 rose 50.31 points (1.18%) to close at 4,308.50. The Russell 2000 rose 14.05 points (0.81%) to close at 1,745.56, and the FT Wilshire 5000 Index rose 508.93 points (1.19%) to close at 43,332.12.
For the week ending October 6, the Dow fell 0.30%, the Nasdaq rose 1.60% and the S&P 500 rose 0.48%. The Russell 2000 fell 2.22 %, and the FT Wilshire 5000 Index ended 0.19% higher.
The 10-year Treasury note rose 3/32, bringing the yield to 4.804%. The 30-year Treasury bond rose 3/32, bringing the yield to 4.974%.
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DEALS AND PEOPLE
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Retirement Industry people moves
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Haase joins small business retirement plan provider; Vestwell hires Farmakis; PGIM appoints Carlino to newly created role; 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 1635, Roger Williams was banished from Bay Colony; as a result, he later founded the colony of Rhode Island. In 1888, the Washington Monument—a marble-faced granite obelisk that honors the first U.S. President, George Washington—opened to the public in Washington, D.C. In 1936, the Boulder Dam (later called Hoover Dam), on the Arizona-Nevada border, began generating electricity for areas including Los Angeles, which celebrated with a parade. In 1963, a landslide in Italy led to the deaths of more than 2,000 people when it caused a sudden and massive wave of water to overwhelm a the Vajont Dam. In 1968, Jamaican sprinter Deon Hemmings was born in St. Anns, Jamaica. She was the first Jamaican woman to win an Olympic gold medal, in the 1996 Olympics, and once held the Olympic record for the women’s 400-meter hurdles. In 1975, Andrei Dmitriyevich Sakharov, the Soviet physicist who helped build the USSR’s first hydrogen bomb, was awarded the Nobel Prize for Peace in recognition of his struggle against “the abuse of power and violations of human dignity in all its forms.” In 1990, David Souter took his seat as a U.S. Supreme Court associate justice. In 2004, for the first time in Afghanistan’s history, voters went to the polls to choose a president, selecting Hamid Karzai, who had served as the interim president after the fall of the Taliban regime in 2001. In 2012, a Taliban gunman shot 15-year-old Pakistani activist Malala Yousafzai, a vocal opponent of the ultraconservative group’s prohibition on the education of girls; despite being struck in the head, she survived the assassination attempt and went on to win the 2014 Nobel Prize for Peace.
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