Investing

Major US Exchanges Closed Tuesday for President Ford’s Death

The New York Stock Exchange and the Nasdaq will be shut down January 2 for a national day of mourning for the death of former President Gerald Ford, but The Depository Trust&Clearing Corporation (DTCC) said it would still clear and settle trades from earlier market activity.

Evergreen Settles With NASD for $4.2M

Evergreen Investments, a unit of Wachovia Corporation, agreed to pay a $4.2 million civil penalty to settle National Association of Securities Dealers (NASD) allegations that it adopted improper mutual fund sales methods.

DoL QDIA Proposal Prompts 98 Comment Letters

The Department of Labor’s (DoL) September proposal governing qualified default investment alternatives (QDIAs) evoked applause from the retirement industry, but that approval was soon followed by a flood of suggestions on ironing out the kinks before a final proposal is inked.

Participants Continue Return to Equities in November

With the Dow Jones Industrial Average at new record levels and the S&P 500 at highs not seen since 2000, 401(k) participants have begun to respond and net transfers favored equities on 62% of the days during the month, according to the Hewitt 401(k) Index.

Domestic Equity Reverses Course in October

Stock and bond funds experienced net inflows of $29.8 billion in October, led by International/Global funds with net inflows of $14.4 billion and Domestic Equity funds with an $8.4 billion net intake, according to data from the Financial Research Corporation (FRC).

Funds Cross $10 Trillion Asset Mark in October

Assets of US mutual funds continued their upward march in October, adding $286.6 billion, or 2.9%, to total over $10 trillion, according to the Investment Company Institute's (ICI) official fund industry survey.

ICI: ETF Assets up to $383B in October

The total combined assets of the nation's exchange-traded funds (ETFs) shot up 9.4% to $383.3 billion in October, according to an Investment Company Institute (ICI) news release.

Equities Finally Pull Ahead to Win 401(k) Assets

While the number of net transfers by 401(k) participants was equally split among fixed income and equity funds for the month of October, overall net assets moved toward equities, according the Hewitt 401(k) Index.

SSgA to Eliminate Redemption Fees

State Street Global Advisors Inc. (SSgA) has filed papers with the Securities and Exchange Commission (SEC) signaling its intention to halt redemption fees from its international and high-yield funds beginning in 2007.