Total nonfarm payroll employment increased by 235,000 in February, and the unemployment rate was little changed at 4.7%, according to the Bureau of Labor Statistics. Employment gains occurred in construction, private educational services, manufacturing, health care, and mining. THE ECONOMIC WEEK AHEAD: Tomorrow, the Bureau of Labor Statistics will reveal the producer price index for February. Wednesday, the Bureau of Labor Statistics will reveal the consumer price index for February, and the Census Bureau will report about retail sales for February and business inventories for January. Thursday, the Census Bureau will report about housing starts for February, and the Labor Department will issue its initial claims report.
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Friday, the Dow gained 44.79 points (0.21%) to finish at 20,902.98, the NASDAQ closed 22.92 points (0.39%) higher at 5,861.73, and the S&P 500 increased 7.73 points (0.33%) to 2,372.60. The Russell 2000 was up 5.15 points (0.38%) at 1,365.26, and the Wilshire 5000 climbed 82.81 points (0.34%) to 24,642.28.
On the NYSE, 3.1 billion shares traded, with advancing issues outnumbering declining issues 2 to 1. On the NASDAQ, 3.0 billion shares changed hands, with 1.4 advancing issues for every declining issue.
The yield for the 10-year Treasury note was 2.577%. The yield for the 30-year Treasury bond was 3.164%. WEEK’S WORTH: For the week ending March 10, the Dow finished 0.49% lower, the NASDAQ was down 0.15%, and the S&P 500 decreased 0.44%. The Russell 2000 fell 2.07%, and the Wilshire 5000 lost 0.71%.
|ERISA Prohibited Transaction Challenge Against TIAA Dismissed:
|Based on the facts alleged in an amended complaint, the court “concludes that TIAA is not a fiduciary of the plans, thus foreclosing the legal and equitable relief requested.”
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|From the Magazine|
|Socially Conscious Investing:
|The concept of investing in a socially conscious manner has seen greater adoption in recent years as investors seek to put their assets to work in alignment with their beliefs. Two popular terms for this strategy are environmental, social and governance (ESG) investing and socially responsible investing (SRI). The Defined Contribution Institutional Investment Association (DCIIA) suggests that, while investors utilize ESG and SRI to receive the emotional benefits, they do not necessarily sacrifice returns.
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|Retirement Fund Assets Grew 8% from 2014 to $19.1 Trillion in 2016:
|In terms of flows by asset class, private and public defined benefit (DB) plans’ biggest purchase in 2016 were debt securities, coming in at $190 billion. This was followed by Treasury securities ($120 billion) and corporate and foreign bonds ($61 billion). For private defined contribution (DC) plans, the most inflows in 2016 were to mutual funds ($24 billion), followed by debt securities ($22 billion) and corporate and foreign bonds ($12 billion), according to data from the Federal Reserve.
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|ON THIS DATE: In 1639, Harvard University was named for clergyman John Harvard. In 1781, Sir William Herschel discovered the planet Uranus. In 1852, the New York "Lantern" newspaper published the first "Uncle Sam cartoon". It was drawn by Frank Henry Bellew. In 1865, Jefferson Davis signed a bill authorizing slaves to be used as soldiers for the Confederacy. In 1868, the U.S. Senate began the impeachment trial of President Andrew Johnson. In 1877, Chester Greenwood patented the earmuff. In 1884, standard time was adopted throughout the U.S. In 1901, Andrew Carnegie announced that he was retiring from business and that he would spend the rest of his days giving away his fortune. His net worth was estimated at $300 million. In 1911, the U.S. Supreme Court approved corporate tax law. In 1925, a law in Tennessee prohibited the teaching of evolution. In 1930, it was announced that the planet Pluto had been discovered by scientist Clyde Tombaugh at the Lowell Observatory. In 1942, Julia Flikke of the Nurse Corps became the first woman colonel in the U.S. Army. In 1951, the comic strip "Dennis the Menace" appeared for the first time in newspapers across the country. In 1991, Exxon paid $1 billion in fines and for the clean-up of the Alaskan oil spill. In 2006, in New York, the official start of construction of the National September 11 Memorial & Museum began.|
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