Daily Stock Market News Jan. 4, 2017: Investors were able to read the minutes of the last Fed meeting today and it gave them something to mull over. The Fed showed concern that a Trump administration would cause inflation, which they plan to counterbalance with interest rate hikes. See more details of the market news and today’s closing numbers.
U.S. Stock Market Closing Prices Jan. 4, 2017:
Dow Jones Industrial Averages: 19,942.16 +60.40 (+0.30 percent)
S & P 500: 2,270.68 +12.85 (+0.57 percent)
NASDAQ: 5,477.00 +47.92 (+0.88 percent)
Crude Oil: $53.14 a barrel
Today’s Stock Market and Economic News:
The effect of higher interest rates is working its way through the economy. The LIBOR index, the interest rate which banks charge each other, was above 1 percent for the first time since 2009.
The minutes of the last Fed meeting were released today. One item of interest was that Fed members believe the Trump administration could accelerate inflation.
Here is more on what they said. As readers can see, members of the Fed believe that ris1ng interest rates and a higher dollar will be a counterbalance to fiscal stimulus during the next administration.
The Fed also seemed to support the idea of continuing their program of gradual increases in the interest rate during the coming year.
More good news for the economy last year. 2016 turned out to be a record year for auto manufacturers, including robust sales in December.
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
Auto sales hit a new high of 17.5 million vehicles sold
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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