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September 23rd, 2022
Insight on Plan Design & Investment Strategy Every Weekday
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Investing
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DC Plans Slow to Adopt ESG Options
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Many plan sponsors remain hesitant to implement environmental, social and governance investing until the Department of Labor rules on the subject. 
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| ECONOMIC EVENTS |
In the week ending September 17, the advance figure for seasonally adjusted initial claims for unemployment insurance was 213,000, an increase of 5,000 from the previous week’s revised level of 208,000, the Labor Department reported. The four-week moving average was 216,750, a decrease of 6,000 from the previous week’s revised average of 222,750.
Interest on a 30-year fixed-rate mortgage averaged 6.29% as of September 22, up from last week when it averaged 6.02%, according to Freddie Mac. A year ago at this time, the 30-year FRM averaged 2.88%. Interest on a 15-year fixed-rate mortgage averaged 5.44%, up from last week when it averaged 5.21%. A year ago at this time, the 15-year FRM averaged 2.15%.
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| MARKET MIRROR |
Thursday, the Dow closed 107.10 points (0.35%) lower at 30,076.68, the Nasdaq lost 153.39 points (1.37%) to finish at 11,066.81, and the S&P 500 was down 31.94 points (0.84%) at 3,757.99. The Russell 2000 decreased 39.85 points (2.26%) to 1,722.31, and the Wilshire 5000 fell 431.81 points (1.14%) to 37,483.16.
The price of the 10-year Treasury note decreased 1 4/32, bringing its yield up to 3.708%. The price of the 30-year Treasury bond fell 2 3/32, increasing its yield to 3.640%.
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SURVEYS
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Complete the DC Survey
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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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In 1642, The first commencement at Harvard College, in Cambridge, MA, was held. In 1806, amid much public excitement, American explorers Meriwether Lewis and William Clark return to St. Louis, Missouri, from the first recorded overland journey from the Mississippi River to the Pacific coast and back. In 1845, The Knickerbocker Base Ball Club of New York was formed by Alexander Joy Cartwright. It was the first baseball team in America. In 1846, German astronomer Johann Gottfried Galle discovers the planet Neptune at the Berlin Observatory. In 1951, The first transcontinental telecast was received on the west coast. The show “Crusade for Freedom” was broadcast by CBS-TV from New York. In 1962, “The Jetsons” premiered on ABC-TV. It was the first program on the network to be carried in color. In 1972, “Baby Don’t Get Hooked On Me” by singer-songwriter Mac Davis reached the top of the American pop charts. In 1998, Jamie Lee Curtis received a star on the Hollywood Walk of Fame. In 1999, Siegfried & Roy, a duo of magicians and entertainers, received a star on the Hollywood Walk of Fame.
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