Stock Market Stumbles, Then Recovers, During Trump’s Press Conference – Jan 11, 2017

Daily Stock Market News Jan. 11, 2017:  Today, President-elect Donald Trump held his first press conference since July, 2016.  It occurred under a cloud of allegations that Russia had taken photos of Trump with Russian prostitutes in 2013 while the Miss Universe pageant was being held in Moscow and the Russians were using those photos, as well as some financial information, to blackmail him.  Trump vehemently denied the allegations, which were presented to him last week during a security briefing by the heads of the NSA, FBI, CIA and Homeland Security.  Trump’s press conference also covered other topics, including healthcare and the wall between the U.S. and Mexico.  Some stocks struggled during the speech, but the overall market recovered by the end of the trading day.  See more market news and today’s closing prices.

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U.S. Stock Market Closing Prices Jan. 11, 2017:

Dow Jones Industrial Averages:  19,954.28  +98.75  (+0.50 percent)

S & P 500:  2,275.22 +6.40  (+0.28 percent)

NASDAQ:  5,563.65 +11.83  (+0.21 percent)

Crude Oil:  $52.38 a barrel

Today’s Stock Market and Economic News:

This morning, analysts carefully weighed the effect on the stock market of President-elect Donal Trump’s first news conference since July 2016.  During today’s news conference, he addressed questions over Russian hackers and various allegations which which had been presented to him during last week’s security briefing.  The allegations fueled suspicions that he was being blackmailed by the Russians.  Trump also covered other topics in the press conference, such as healthcare, which quickly caused pharmaceutical and healthcare stocks to stumble.  Later in the day, they recovered.

Oil prices rose this morning after the release of more details on the Saudi Arabian production cuts agreement.

One country that is experiencing financial setbacks because of Trump’s election and is Mexico.  Ironically, if things get too bad there, the number of people trying to sneak into the U.S. to find work is likely to increase.

Trump’s election has also made the CEO’s of some companies richer than ever, as their stock options increase in value.

The value of Bitcoin dropped after China launched an investigation of the digital currency.

The new Trump administration and Congress are not the only factors which could affect the stock market in the coming year.  As always, unexpected events can always derail the best laid plans.

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.

Resources:

Twitter.com / MSN Money / Market Watch / YahooFinance / Bloomberg / Reuters / Wall Street Journal and other public news sources


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