Daily Stock Market News Jan. 9, 2017: The price of oil fell today, putting a drag on the Dow and preventing it from crossing the 20,000 mark. In other economic news, Alibaba is opening up the China market to American e-commerce businesses and more auto manufacturing jobs are being created. See today’s market news and closing numbers.
U.S. Stock Market Closing Prices Jan. 9, 2017:
Dow Jones Industrial Averages: 19,887.38 -76.42 (-0.38 percent)
S & P 500: 2,271.38 -5.60 (-0.25 percent)
NASDAQ: 5,531.82 +10.76 (+0.19 percent)
Crude Oil: $51.91 a barrel
Today’s Stock Market and Economic News:
Despite the recent attempts to put caps on oil production, the price of oil dropped early this morning after it was revealed that Iran’s exports were surging and the U.S. has added more oil rigs.
The oil data stalled the Dow’s climb to 20,000. However, at the same time, the tech sector sent the Nasdaq to a new high.
More jobs are coming to the U.S., as Fiat Chrysler committed over the weekend to investing $1 billion in two U.S. plants in the Midwest. This could add 2,000 jobs to the economy.
The trade deficit the U.S. has been experiencing could shift in our favor if Alibaba follows through on its plan to open up the China market to small American e-commerce businesses.
Want to know which companies have the most “Buy” ratings from experts? Stock Twits put together a list, and the link to it is below:
The Dow has been hovering just below the 20,000 milestone for weeks. How close did we get to it on Friday, Jan. 6, 2017? Within a breath … at 19,999.63.
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 dropped to 4.7 percent by the end of 2016.
Over 2 million new jobs were added to the economy during the 2016 (11.3 million jobs created during the Obama administration, with job growth for a record 75 straight months).
In 2016, auto sales hit a new record high of 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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