Daily Stock Market News Dec. 23, 2016: On the last trading day before the three day holiday weekend, trading was very light. Stocks rose slightly, but were mostly flat. New home sales were strong in November. See the closing numbers and economic news.
U.S. Stock Market Closing Prices Dec. 23, 2016:
Dow Jones Industrial Averages: 19,933.81 +14.93 (+0.07 percent)
S & P 500: 2,263.79 +2.83 (+0.13 percent)
NASDAQ: 5,462.69 +15.27 (+0.28 percent)
Crude Oil: $53.25 a barrel
Current Stock Market Trending Topics:
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. Below are some of the economic achievements of the Obama Administration:
In another sign of how strong the economy is at the end of 2016, the November new home sales were the highest in four months. Some of the jump in new home sales is because potential buyers were trying to beat the expected increase in mortgage rates.
New home sales were also up 17 percent over the preceding year.
The student loan debt problem will continue to be an issue. The government may have to address it in the coming year
Some investors are concerned that Trump’s stated trade policies could undo the recent rise in the stock market, which was attributed to expectations of fewer regulations and lower corporate taxes.
One positive sign for the world economy is that, so far, the economy in Great Britain has not experienced a slow-down due to Brexit.
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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