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September 1st, 2023
Insight on Plan Design & Investment Strategy Every Weekday
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| ECONOMIC EVENTS |
In the week ending August 26, the advance figure for seasonally adjusted initial claims was 228,000, a decrease of 4,000 from the previous week’s revised level of 232,000, the Department of Labor reported. The four-week moving average was 237,500, an increase of 250 from the previous week’s revised average of 237,250.
Interest on a 30-year fixed-rate mortgage averaged 7.18% for the week ending August 31, down from last week when it averaged 7.23%, according to Freddie Mac. A year ago at this time, the 30-year FRM averaged 5.66%. Interest on a 15-year fixed-rate mortgage averaged 6.55%, unchanged from last week. A year ago at this time, the 15-year FRM averaged 4.98%.
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| MARKET MIRROR |
Thursday, the Dow fell 168.33 points (0.48%) to close at 34,721.91, the Nasdaq rose 15.66 points (0.11%) to close at 14,034.97 and the S&P 500 fell 7.21 points (0.16%) to close at 4,507.66. The Russell 2000 lost 3.54 points (0.19%) to close at 1,899.68, and the FT Wilshire 5000 Index lost 52.84 points (0.12%) to close at 45,468.43.
The 10-year Treasury note was unchanged, bringing the yield to 4.109%. The 30-year Treasury bond increased 2/32, bringing the yield to 4.215%.
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PRODUCTS
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Investment Product and Service Launches
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North American Company introduces Goldman Sachs index; Jackson enhances Perspective variable annuity benefit suite; Altruist launches multiple account bundling. 
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ON THIS DATE: In 1939, German forces at the direction of dictator Adolf Hitler bombarded Poland on land and from the air, sparking World War II. In 1952, Life magazine published Ernest Hemingway’s “Old Man and the Sea,” his last major work of fiction; it was also released as a book, and in 1953 it won a Pulitzer Prize. In 1954, the thriller “Rear Window,” directed by Alfred Hitchcock and starring James Stewart and Grace Kelly, opened in American theaters, and it became a film classic. In 1969, a group of young army officers led by Muammar al-Qaddafi deposed the king and made Libya a republic. In 1972, Bobby Fischer defeated Boris Spassky to become the first native-born American to hold the title of world chess champion. In 1980, due to poor health, Canadian activist Terry Fox, who had part of his leg amputated because of cancer, was forced to end his Marathon of Hope, a run across Canada to raise money for cancer research. In 1985, in a search led by oceanographer Robert Ballard, the wreck of the Titanic was found on the Atlantic Ocean floor at a depth of about 13,000 feet. In 2004, Chechen rebels seized a school in Beslan, North Ossetia, Russia; the siege, which ended two days later, resulted in the deaths of more than 330 people, the majority of them children.
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