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September 15th, 2022
Insight on Plan Design & Investment Strategy Every Weekday
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| ECONOMIC EVENTS |
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The Producer Price Index for final demand fell 0.1% in August. Prices for final demand goods declined 1.2%, and the index for final demand services advanced 0.4%. Final demand prices moved up 8.7% for the 12 months ended in August.
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| MARKET MIRROR |
Wednesday, the Dow inched up 30.12 points (0.10%) to close at 31,135.09, the Nasdaq gained 86.10 points (0.74%) to finish trading at 11,719.678 and the S&P 500 eked out 13.32 points (0.34%) to end at 3,946.01. The Russell 2000 squeezed up 6.89 points (0.38%) to close at 1,838.46 and the Wilshire 5000 extended 435.24 points (1.07%) to close at 41,146.44.
The price of the 10-year Treasury note was unchanged and the yield decreased to 3.411%. The price of the 30-year Treasury bond increased 28/32, bringing the yield down to 3.463%.
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EVENTS
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What to Expect From a Retirement Plan Adviser
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Join PLANSPONSOR and a panel of experts for a webinar on September 22 as they discuss what services advisers offer to retirement plans; how plan sponsors determine the role they want their advisers to play; and questions to ask when searching for a plan adviser. Panelists will also talk about the fiduciary roles advisers can take on for the plan and the relationship between advisers and plan providers. 
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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, British forces occupied New York City during the American Revolution. In 1821, Costa Rica, Guatemala, Honduras, Nicaragua and El Salvador proclaimed independence from Spain. In 1853, Reverend Antoinette Brown Blackwell was ordained as the first female minister in the United States. In 1909, a New York judge ruled that Ford Motor Company had infringed on George Seldon’s patent for the “Road Engine,” but the ruling was later overturned. In 1916, during WWI, at the Battle of the Somme in France, tanks were first used in warfare when the British rolled them onto the battlefields. In 1923, Oklahoma was placed under martial law by Governor John Calloway Walton due to domestic terrorist activity by the white supremacist group the Ku Klux Klan. In 1963, white supremacists of the Ku Klux Klan bombed the predominantly African American 16th Street Baptist Church in Birmingham, Alabama, killing four girls: Addie Mae Collins, Cynthia Wesley and Carole Robertson, all age 14, and Carol Denise McNair, who was 11. With its large African American congregation, the church served as a meeting place for civil rights leaders such as Martin Luther King, Jr., who once called Birmingham a “symbol of hardcore resistance to integration.” Alabama’s governor, George Wallace, made preserving racial segregation one of the central goals of his administration, and Birmingham had one of the most violent and lawless chapters of the Ku Klux Klan. In 1978, Muhammad Ali defeated Leon Spinks to win the world heavyweight boxing title for the third time in his career, the first fighter ever to do so. In 1982, the first issue of the national newspaper USA Today was published. In 1997, the domain name “google.com” was registered. In 2008, Lehman Brothers declared bankruptcy; the Wall Street brokerage firm became the largest victim of the subprime mortgage crisis that would devastate financial markets and contribute to the biggest economic downturn since the Great Depression.
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