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September 21st, 2020
Insight on Plan Design & Investment Strategy Every Weekday
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| Economic Events |
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Tomorrow, the National Association of Realtors will report about existing home sales in August. Thursday, the Labor Department will issue its initial claims report, and the Census Bureau will report about new home sales in August. Friday, the Census Bureau will report about durable goods orders in August.
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| Market Mirror |
Friday, the Dow decreased 244.56 points (0.88%) to 27,657.42, the NASDAQ lost 117.00 points (1.07%) to finish at 10,793.28, and the S&P 500 fell 37.54 points (1.12%) to 3,319.47. The Russell 2000 was down 5.82 points (0.38%) at 1,536.78, and the Wilshire 5000 closed 320.43 points (0.93%) lower at 34,055.13.
The price of the 10-year Treasury note was unchanged with its yield up to 0.695%. The price of the 30-year Treasury bond was down 3/32, increasing its yield to 1.452%.
For the week ending September 18, the Dow was up 0.01%, the NASDAQ lost 0.56%, and the S&P 500 finished 0.64% lower. The Russell 2000 climbed 2.64%, and the Wilshire 5000 decreased 0.05%.
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Providers to DB Plans Face Lawsuit Over Investment Strategy
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Because downside protection promised for certain funds wasn’t provided and it wasn’t warned, the committee for defined benefit plans of the Blue Cross and Blue Shield Association says the plans suffered ‘staggering’ losses earlier this year. 
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Deals and People
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Retirement Industry People Moves
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The Wagner Law Group promotes ERISA attorneys; Millennium Trust adds retirement services head; SageView hires retirement plan consultant for Northern California; and more.
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ON THIS DATE: In 1780, during the American Revolution, American General Benedict Arnold met with British Major John Andre to discuss handing over West Point to the British, in return for the promise of a large sum of money and a high position in the British army. In 1792, the French National Convention voted to abolish the monarchy. In 1897, the New York Sun ran the “Yes, Virginia, there is a Santa Claus” editorial. It was in response to a letter from 8-year-old Virginia O’Hanlon. In 1937, J.R.R. Tolkien’s “The Hobbit” was first published. In 1949, Communist leaders proclaimed The People’s Republic of China. In 1970, “NFL Monday Night Football” made its debut on ABC-TV. The game was between the Cleveland Browns and the New York Jets. The Browns won 31-21. In 1973, Henry Kissinger was confirmed by the Senate to become the 56th Secretary of State. He was the first naturalized citizen to hold the office of Secretary of State. In 1981, the Senate confirmed Sandra Day O’Connor to be the first female justice on the U.S. Supreme Court. In 1996, the board of the all-male Virginia Military Institute voted to admit women.
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