Daily Stock Market News Jan. 6, 2017: The Dow came very close to crossing the 20,000 mark today, before backing off. Perhaps it will cross that threshold next week. The Nasdaq and S&P 500 did hit new record highs. Job growth continued for 75 straight months, which is a record. Unemployment dropped to 4.7 percent, and is considered full employment. See today’s market news and closing numbers below.
U.S. Stock Market Closing Prices Jan. 6, 2017:
Dow Jones Industrial Averages: 19,963.80 +64.51 (0.32 percent)
S & P 500: 2,276.98 +7.98 (0.35 percent)
NASDAQ: 5,521.06 +33.12 (0.60 percent)
Crude Oil: $53.70 a barrel
Today’s Stock Market and Economic News:
The Obama Administration is ending their term in office by lowering unemployment to 4.7 percent with the creation of 156,000 jobs in December. This was not quite as good as expected, but it was the 75th consecutive month of job gains, the longest string on record. During the entire year of 2016, the U.S. economy added more than 2 million new jobs. A total of 11.3 million jobs were added during the Obama presidency. The underemployment rate, including part-time workers who would like to work full-time, fell to 9.2 percent, which is the lowest since 2008. In addition, wages grew 2.9 percent in December, which was the best pace since 2009. The economy is being passed on to the Trump administration is excellent condition … far better than the economic meltdown which Obama was handed when he took over in January, 2009, when the economy was losing 800,000 jobs a month.
One of the consequences of the low unemployment rate is that it is becoming increasingly difficult for employers to find skilled employees. This is putting upward pressure on wages.
Many of America’s largest retailers, which are already facing trouble as people make more online purchases, could be further hurt by the GOP’s proposed tax changes.
Factory orders fell in December, but that was primarily due to the very volatile civilian aircraft industry. The underlying numbers were more encouraging.
The trade deficit rose again in December, meaning we imported more products from other countries than we exported.
Bitcoin, the digital currency, has been plunging in value the past few days. China’s Central Bank has warned investors to take a cautious approach towards the currency.
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 fell to 4.7 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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