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September 9th, 2022
Insight on Plan Design & Investment Strategy Every Weekday
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| ECONOMIC EVENTS |
In the week ending September 3, the advance figure for seasonally adjusted initial claims for unemployment insurance was 222,000, a decrease of 6,000 from the previous week’s revised level, the Labor Department reported. The previous week’s level was revised down by 4,000 from 232,000 to 228,000. The four-week moving average was 233,000, a decrease of 7,500 from the previous week’s revised average. The previous week’s average was revised down by 1,000 from 241,500 to 240,500.
Interest on a 30-year fixed-rate mortgage averaged 5.89% for the week ending September 8, up from last week when it averaged 5.66%. A year ago at this time, the 30-year FRM averaged 2.88%. Interest on a 15-year fixed-rate mortgage averaged 5.16%, up from last week when it averaged 4.98%. A year ago at this time, the 15-year FRM averaged 2.19%.
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| MARKET MIRROR |
Thursday, the Dow gained 193.24 points (0.61%) to finish at 31,774.52, the Nasdaq increased 70.23 points (0.60%) to close at 11,862.13 and the S&P 500 grew 26.31 points (0.66%) to end trading at 4,006.18. The Russell 2000 extended 14.90 points (0.81%) to close at 1,846.91 and the Wilshire 5000 gained 300.78 points (0.76%) to reach 40,044.70.
The price of the 10-year Treasury note decreased 5/32 bringing the yield up to 3.333%. The price of the 30-year Treasury bond increased 1 2/32 bringing the yield up to 3.481%.
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EVENTS
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What to Expect From a Retirement Plan Adviser
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Join PLANSPONSOR and a panel of experts for a webinar on September 22 as they discuss what services advisers offer to retirement plans; how plan sponsors determine the role they want their advisers to play; and questions to ask when searching for a plan adviser. Panelists will also talk about the fiduciary roles advisers can take on for the plan and the relationship between advisers and plan providers. 
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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 1776, the Continental Congress formally declared the name of the new nation to be the United States of America. This replaced the term “United Colonies,” which had been in general use. In 1850, though it had only been a part of the United States for less than two years, California became the 31st state in the union, without ever even having been a territory. In 1893, Frances Folsom Cleveland, the wife of President Grover Cleveland, gave birth to a daughter, Esther, in the White House. In 1948, the Democratic People’s Republic of Korea (North Korea) was proclaimed, setting the stage for the Korean War. In 1956, Elvis Presley made his first appearance on The Ed Sullivan Show. In 1976, Marxist revolutionary Mao Zedong died. He emerged as the undisputed Chinese Communist Party leader following the Long March (1934–35) and dominated China in the period after the communist takeover in 1949. In 1999, the Sega Dreamcast game system went on sale and by 1:00 p.m. all Toys R Us locations in the U.S. had sold out. In 2017, the National Football League caught the New England Patriots illegally videotaping coaching signals of the New York Jets from an unauthorized location in a Week 1 game in East Rutherford, New Jersey—a scandal the media dubbed “Spygate.”
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