Daily Stock Market News Jan. 3, 2017: This is the beginning of a new year, a new Congress and, soon, a new president. The Dow rose over 100 points today; the Nasdaq and S&P 500 both climbed, as well. See the market news and today’s closing prices.
U.S. Stock Market Closing Prices Jan. 3, 2017:
Dow Jones Industrial Averages: 19,881.76 +119.16 (+0.60 percent)
S & P 500: 2,257.83 +19.00 (+0.85 percent)
NASDAQ: 5,429.08 +45.97 (+0.85 percent)
Crude Oil: $52.47 a barrel
Today’s Stock Market and Economic News:
Today was the first trading day of a new year and market watchers have resumed their countdown to a 20,000 Dow. Many investors are hopeful that changes to corporate tax laws and loosening restrictions will increase profits in a number of sectors, such as energy.
Although many investors feel positive about the future of the economy, there are others who are concerned about the possibility of our country getting into a trade war with other countries, including Mexico and China. In addition, tariffs could hurt some of the U.S. companies which already have established manufacturing outside the U.S.
A short time after President-elect Trump criticized General Motors, Ford announced they were canceling their plans to build a plant in Mexico.
December, 2016 ended with construction spending at a 10 1/2 year high … setting President-elect up with a strong economy at the beginning of his administration.
Some of the increase in construction spending could be because builders have decided to go back and finish subdivisions which were abandoned during the housing collapse.
Bloomberg also reported that 2016 ended with manufacturing expanding at the fastest rate in two years.
Last Year’s Stock Market and Economic Highlights for 2016:
If you wish to compare 2017 to 2016, here are a few of the most notable events in the stock market and the economy last year:
The Dow Jones Industrial Average rose 13.4 percent during 2016
The S&P 500 climbed over 9 percent in 2016
The Nasdaq was up over 7 percent during the year
Average hourly wages were up over 2.4 percent during the year.
Unemployment remained virtually unchanged at 4.9 percent during 2016
Over 2 million new jobs were added to the economy during the year
According to the Openfolio app, 77 percent of investors in the stock market made money in 2016. The average investor made just over 5 percent in 2016
The Federal Reserve raised their benchmark interest rate once … in Dec., 2016
Home prices ended the year at all-time highs
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