Daily Stock Market News Jan. 5, 2017: Stock prices were mixed today, with the Nasdaq closing at a record high. The other stock indexes were affected by announcements of layoffs and store closures at Macy’s and Sear’s, as well as an over-supply of oil which caused oil stock prices to drop … even though the price of oil went up. See today’s closing numbers and market news.
U.S. Stock Market Closing Prices Jan. 5, 2017:
Dow Jones Industrial Averages: 19,899.29 -42.87 (-0.21 percent)
S & P 500: 2,269.00 -1.75 (-0.08 percent)
NASDAQ: 5,487.94 +10.93 (+0.20 percent)
Crude Oil: $53.74 a barrel
Today’s Stock Market and Economic News:
Although the Dow and the S&P 500 closed down modestly today, the Nasdaq closed at a record high … a good start to 2017.
Big box stores, such as Macy’s, Sears and Kohls, continue to struggle because of competition from online businesses. Macy’s announced today they would be closing more stores, laying off 10,000 employees and restructuring their corporate offices in an effort to improve the profitability of the company.
During the past week, U.S. crude oil stock prices have fallen because of an increase in production and supplies.
President-elect Trump continues to try to force car manufacturers to only build vehicles in the U.S., if they are intended for sale in the U.S. After recent pressure placed on Ford and General Motors, this morning he went after Toyota over a plant they are planning to build in Mexico.
However, Toyota responded by defending its decision, stating that their Mexico plant will not cause job losses in the U.S.
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 in 2016 hit a new high at 17.5 million.
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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