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September 8th, 2023
Insight on Plan Design & Investment Strategy Every Weekday
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ECONOMIC EVENTS |
In the week ending September 2, the advance figure for seasonally adjusted initial claims was 216,000, a decrease of 13,000 from the previous week’s revised level of 229,000, the Department of Labor reported. The four-week moving average was 229,250, a decrease of 8,500 from the previous week’s revised average of 237,750.
Interest on a 30-year fixed-rate mortgage averaged 7.12% for the week ending September 7, down from last week when it averaged 7.18%, according to Freddie Mac. A year ago at this time, the 30-year FRM averaged 5.89%. Interest on a 15-year fixed-rate mortgage averaged 6.52%, down from last week when it averaged 6.55%. A year ago at this time, the 15-year FRM averaged 5.16%.
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MARKET MIRROR |
Thursday, the Dow rose 57.54 points (0.17%) to close at 34,500.73, the Nasdaq fell 123.64 points (0.89%) to close at 13,748.83 and the S&P 500 fell 14.34 points (0.32%) to close at 4,451.14. The Russell 2000 lost 18.52 points (0.99%) to close at 1,855.76, and the FT Wilshire 5000 Index lost 168.23 points (0.37%) to close at 44,888.65.
The 10-year Treasury note increased 25/32, bringing the yield to 4.248%. The 30-year Treasury bond increased 2/32, bringing the yield to 4.340%.
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PRODUCTS
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Investment Product and Service Launches
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Human Interest launches Fast Track 401(k); AllianzIM introduces September buffered ETFs; Madison Investments unveils latest actively managed ETF Suite; and more.
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ON THIS DATE: In 1429, French heroine Joan of Arc, a peasant girl who believed she was acting under divine guidance, attempted to oust the duke of Burgundy and take Paris for newly crowned King Charles VII; she successfully led a French force to break the siege. In 1941, German and Finnish armies began a siege of Leningrad (now St. Petersburg), Russia, which lasted for 872 days. In 1945, at the end of World War II, the first U.S. troops entered the Korean peninsula south of the 38th parallel to receive the Japanese surrender; north of the parallel, Japanese troops surrendered to Soviet forces. In 1960, the psychological thriller “Psycho,” directed by Alfred Hitchcock and based on real-life serial killer Ed Gein, was released in American theaters. In 1966, the first episode of the sci-fi series “Star Trek” aired on American television. In 1974, Richard Nixon, who had resigned the U.S. presidency, was pardoned by his successor, Gerald Ford. In 1998, Mark McGwire of the St. Louis Cardinals broke Roger Maris’s 1961 record for most home runs in a professional baseball regular season by hitting his 62nd of the season (he finished the season with 70 home runs). In 2015, comedian Stephen Colbert debuted as host of the “Late Show,” replacing David Letterman. In 2022, after more than seven decades on the British throne, Elizabeth II died at the age of 96; her eldest son became King Charles III.
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