Daily Stock Market News Dec. 29, 2016: With only one more trading day left in 2016, a 20,000 Dow remained elusive. Many analysts are concerned over the fear that there will be a trade war after the new administration takes power. In addition, today’s sanctions against Russia over their interference with our election contributed to today’s stagnant stock market. See more economic news and today’s closing prices.
U.S. Stock Market Closing Prices Dec. 29, 2016:
Dow Jones Industrial Averages: 19,819.78 -13.90 (-0.07 percent)
S & P 500: 2,249.26 -0.66 (0.03 percent)
NASDAQ: 5,432.09 -6.47 (0.12 percent)
Crude Oil: $53.83 a barrel
Current Stock Market Trending Topics:
With only one more trading day left in 2016, the Obama administration is ending with eight years that included 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. This morning, a low number of new claims for jobless benefits indicates that our country is now near or at full employment.
One issue our country faces is a shortage of employees who have been trained to do the jobs that are needed … whether they lack adequate computer skills or training in other types of specialized skills. In some cases, there are not enough unskilled laborers in the areas where they are needed.
As our stockpile of crude oil builds again, the price of oil could slip a bit. However, if oil producing nations stick with the agreed production caps, the fall should be small and not last very long.
In November, we saw an increase in our trade deficit, with imports exceeding exports.
In fact, some analysts believe that energy could be the engine that propels the Dow Jones to rise much higher in the future.
At the same time, everyone should prepare for higher mortgage rates in the coming years.
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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