Daily Stock Market News Dec. 28, 2016: Once again, the goal of hitting a 20,000 Dow Jones remained elusive, after the Dow lost over 100 points today. Pending home sales also fell in November, partially due to higher mortgage prices. See more market news and closing prices.
U.S. Stock Market Closing Prices Dec. 28, 2016:
Dow Jones Industrial Averages: 19,833.68 -111.36 (-0.56 percent)
S & P 500: 2,249.92 -18.96 (-0.84 percent)
NASDAQ: 5,438.56 -48.89 (-0.89 percent)
Crude Oil: $53.92 a barrel
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This morning, stocks continued to struggle and back off from the attempt to hit 20,000 on the Dow. The markets were especially dragged down by technology and consumer staples stocks.
As 2016 draws to an end, the Obama administration is ending eight years that included 75 straight months of steady job growth, low inflation, increasing sales in homes and a variety of products, rising incomes, strong consumer sentiment and overall positive economic news. Investors will be watching to see if the Trump administration will continue the trend, accelerate or reverse direction in 2017 and the following years. Some analysts feel positive that businesses will thrive because of fewer regulations; others are concerned that American businesses will suffer because of potential trade wars.
As interest rates rise, fewer people are able to qualify for mortgages. As a result, it should be no surprise that pending home sales dropped to a ten-month low in November.
The Economic Events Which Affected 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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