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September 22nd, 2023
Insight on Plan Design & Investment Strategy Every Weekday
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| ECONOMIC EVENTS |
In the week ending September 16, the advance figure for seasonally adjusted initial claims was 201,000, a decrease of 20,000 from the previous week’s revised level of 221,000, the Department of Labor reported. The four-week moving average was 217,000, a decrease of 7,750 from the previous week’s revised average of 224,750.
Interest on a 30-year fixed-rate mortgage averaged 7.19% for the week ending September 21, up from last week when it averaged 7.18%, according to Freddie Mac. A year ago at this time, the 30-year FRM averaged 6.29%. Interest on a 15-year fixed-rate mortgage averaged 6.54%, up from last week when it averaged 6.51%. A year ago at this time, the 15-year FRM averaged 5.44%.
Existing-home sales moved lower in August, according to the National Association of Realtors. Among the four major U.S. regions, sales improved in the Midwest, were unchanged in the Northeast, and slipped in the South and West. All four regions recorded year-over-year sales declines. Total existing-home sales–completed transactions that include single-family homes, townhomes, condominiums and co-ops–slid 0.7% from July to a seasonally adjusted annual rate of 4.04 million in August. Year-over-year, sales fell 15.3%.
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| MARKET MIRROR |
Thursday, the Dow lost 370.46 points (1.08%) to close at 34,070.42, the Nasdaq lost 245.14 points (1.82%) to close at 13,223.99 and the S&P 500 lost 72.20 (1.64%) to close at 4,330.00. The Russell 2000 fell 28.28 (1.56%) to close at 1,781.83, and the FT Wilshire 5000 Index fell 748.50 points (1.69%) to close at 43,587.04.
The 10-year Treasury note decreased 6/32, bringing the yield to 4.494%. The 30-year Treasury bond decreased 1 31/32, bringing the yield to 4.574%.
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ON THIS DATE: In 1888, the first issue of “National Geographic Magazine” was published, and it became famous for its richly illustrated articles on the various geographic regions of the world. In 1958, Italian opera tenor Andrea Bocelli, noted for his unique blend of opera and pop music, was born. In 1980, the Iran-Iraq War began when Iraqi armed forces invaded western Iran along the countries’ joint border; fighting continued until 1988, and a formal peace agreement was signed in 1990. In 1989, composer Irving Berlin, who was considered one of the greatest and most enduring of American songwriters, died in New York City at age 101. In 1994, the first episode of “Friends” aired on NBC, and the show became one of the most popular sitcoms in the U.S. In 1999, the dramatic series “The West Wing,” created by Aaron Sorkin, debuted on American television. In 2002, hundreds of thousands of rural protestors converged on London to demonstrate in favor of foxhunting, which two years later the House of Commons banned in England and Wales. In 2015, baseball player, manager and coach Yogi Berra, who won a record 10 World Series while a catcher with the New York Yankees, died at age 90.
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