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September 6th, 2022
Insight on Plan Design & Investment Strategy Every Weekday
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| ECONOMIC EVENTS |
Total nonfarm payroll employment increased by 315,000 in August, and the unemployment rate rose to 3.7%, the U.S. Bureau of Labor Statistics reported. Notable job gains occurred in professional and business services, health care and retail trade.
Thursday, the Labor Department will issue its initial jobless claims report and Freddie Mac will update average mortgage rates for the week.
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| MARKET MIRROR |
Friday, the Dow slipped 337.98 points (1.07%) to end the week at 31,318.44, the Nasdaq sagged 154.26 points to close at 11,630.86 and the S&P 500 lost 42.59 points (1.07%) to 3,924.28. The Russell 2000 decreased 13.07 points (0.72%) to settle at 1,809.75 and the Wilshire 5000 contracted 390.44 points (0.99%) to close at 39,181.45.
The price of the 10-year Treasury note increased 28/32, lowering the yield to 3.269%. The price of the 30-year Treasury bond increased 4/32, lowering the yield to 3.345%.
For the week ending September 2, the Dow was down 2.99%, the Nasdaq fell 4.21% and the S&P 500 lost 4.21%. The Russell 2000 contracted 4.74% and the Wilshire 5000 dropped 3.49%.
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DEALS AND PEOPLE
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Retirement Industry People Moves
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MetLife Investment Management to acquire Affirmative Investment Management; Commonwealth hires deputy general counsel and chief privacy officer; Millennium Trust names chief marketing officer; and more. 
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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 1781, British Brigadier General Benedict Arnold, a former Patriot officer already infamous and much maligned for betraying the United States the previous year, added to his notoriety by ordering his British command to burn New London, Connecticut. In 1860, social reformer and pacifist Jane Addams, co-winner with Nicholas Murray Butler of the Nobel Prize for Peace in 1931, was born. In 1876, the Southern Pacific rail line from Los Angeles to San Francisco was completed. In 1901, Republican William McKinley, the 25th president of the United States (1897–1901), was shot by Leon Czolgosz, an anarchist, at the Pan-American Exposition in Buffalo, New York, and died eight days later. In 1995, Baltimore Orioles shortstop Cal Ripken Jr. played in his 2,131st consecutive game, breaking “Iron Horse” Lou Gehrig’s record for most consecutive games played. In 1997, an estimated 2.5 billion people around the globe tuned in to television broadcasts of the funeral of Diana, Princess of Wales, who died at the age of 36 in a car crash in Paris the week before. In 2008, the Federal Housing Finance Agency announced that Fannie Mae and Freddie Mac would be placed in government conservatorship.
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