Daily Stock Market News Dec. 20, 2016: The Dow Jones Industrial Average continued to flirt with the 20,000 mark today, not quite hitting it. In addition, the Nasdaq hit a new record high. Banking stocks are especially strong, as a result of their current less stringent lending standards. See more details and today’s closing numbers.
U.S. Stock Market Closing Prices Dec. 20, 2016:
Dow Jones Industrial Averages: 19,974.62 +91.56 (+0.46 percent)
S & P 500: 2,270.76 +8.23 (+0.36 percent)
NASDAQ: 5,483.94 +26.50 (+0.49 percent)
Crude Oil: $53.59 a barrel
Current Stock Market Trending Topics:
The stock market resumed its climb today, with the bulls pushing stocks higher. Today, the moved closer to the 20,000 milestone and the Nasdaq hit a new record high.
One reason for the climbing market is that banking stocks are doing particularly well, partially because they have loosened their lending rules repeatedly over the past four years.
As 2016 draws to an end, the Obama administration is also ending their eight years with 75 months of steady job growth, low inflation, increasing sales, rising incomes, strong consumer sentiment and overall positive economic news. Investors are looking towards the Trump administration to see if the trend will continue, accelerate or reverse direction in 2017 and the following years. In another sign that the year is ending with strong home construction, home appliance sales were up 15 percent in November.
Not everyone believe that the skyrocketing Dow is a good thing. Some investors are waiting for the rising market to collapse.
Analysts are especially concerned that so few people are preparing for a stock market correction.
The Economic Events Which Will Affect the Stock Market in December:
- December 2 – Employment Situation Report for Nov., 2016 – The U.S. economy added 178,000 jobs in November and unemployment dropped from 4.9 percent to 4.6 percent. This is the lowest rates since August 2007. November was the 74th consecutive month American added jobs. Wages also rose 2.5 percent.
- December 13 and 14 – Meeting of the Federal Reserve. They raised their benchmark interest rate by .25 percentage points. This was the second time this year, and only the second time in the past ten years, that interest rates have risen. The Federal Reserve indicated that consumers should expect interest rates to rise three more times in 2017.
- December 26 – Stock Market closed because of the Christmas holiday
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