Daily Stock Market News Jan. 10, 2017: Stocks changed very little today, as investors wait for earnings season to begin to determine if the current valuations are based on real evidence of corporate success. Oil prices slipped because of fears that the production caps will not be honored. See more market news and today’s closing prices.
U.S. Stock Market Closing Prices Jan. 10, 2017:
Dow Jones Industrial Averages: 19,855.53 -31.85 (-0.16 percent)
S & P 500: 2,268.90 =0.00 (=0.00 percent)
NASDAQ: 5,551.82 +20.00 (0.36 percent)
Crude Oil: $50.78 a barrel
Today’s Stock Market and Economic News:
Prior to all the news about the U.S. elections, some of the big issues which were affecting the stock market were corporate profits, interest rates, oil prices and the global effect of Brexit. Now that the election is behind us, these issues are again getting the attention of investors. Brexit, the withdrawal of Great Britain from the European Union, and the effect it will have within Great Britain and the rest of the world, is once again becoming a concern for economists.
Many investors in the energy sector were pleased a few weeks ago when the oil producing nations agreed to production cuts in order to stabilize the price of oil. Unfortunately, there have been signs that some of the countries are not sticking with the agreed production cuts, which could cause the price of oil to slip.
Since the election in early November, stock prices have climbed dramatically. Soon, companies will begin to release their fourth quarter sales and profit numbers. The stock market has been somewhat muted today as investors wait to see if the run-up in stock valuations is supported by the actual value of the companies.
One concern which continues to affect our young adults is the financial burden of getting a college education, vs. the obvious benefits. Many young adults are struggling with the choice between getting an education and a high paying job, but needing to pay for it over the remainder of their lives. The graph below shows why they continue to take on the debt, even though it makes it hard for them to buy homes or participate in the economy in other ways.
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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