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Minneapolis – May 18, 2023 – Ameriprise Financial (NYSE: AMP) today announced it added the wealth management arm of Happy State Bank, a division of Centennial Bank, to its Financial Institutions channel following the bank’s merger with existing client Centennial Bank. Through the merger, Happy State Bank customers have access to the personalized financial planning, comprehensive solutions and leading digital capabilities that Centennial receives from Ameriprise Financial.

The S&P 500 Index closed lower for the second consecutive week and posted its sixth week of moving less than 1.0% in either direction. On the week, the U.S. stock barometer lost 0.3% and is now down 0.6% over the last three months. In addition, the NASDAQ Composite posted a small gain on the week, rising +0.4%, driven higher by some strength in Big Tech. However, the Dow Jones Industrials Average lost 1.1% last week, weighed down by stocks like The Walt Disney Company, which experienced a larger-than-expected subscriber loss in Disney+. Digging deeper, Communication Services (+4.3%) was the standout S&P 500 sector on the week, lifted higher by Alphabet’s +11.3% boost following positive takeaways on its Artificial Intelligence (AI) commentary at a developer conference. Nevertheless, nine of eleven S&P 500 sectors finished the week lower. Notably, cyclical areas, such as Energy and Materials, each lost roughly 2.0% last week and acted as the main drags on the S&P 500.

Although the S&P 500 Index finished lower last week by 0.8%, giving back the previous week’s slight gain, the Index has moved less than 1.0% for the fifth straight week. On the week, the NASDAQ Composite rose fractionally (+0.07%), supported by Technology, which gained +0.6%. The Dow Jones Industrials Average (down 1.2% on the week) was pulled down by Energy (down 5.8%) and Financials (lower by 2.7%). April’s nonfarm payrolls report, a Federal Reserve rate decision, and ongoing volatility across the regional banks, loomed large over the market and weighed on investor sentiment last week.