Daily Stock Market News Jan. 13, 2017: With a three-day weekend ahead, due to the Martin Luther King holiday on Monday, the major stock indices closed mixed and barely changed today. Most bank stocks reported a strong fourth quarter in 2016; the primary exception was Wells Fargo. See more market news and closing prices.
U.S. Stock Market Closing Prices Jan. 13, 2017:
Dow Jones Industrial Averages: 19,885.73 -5.27 (-0.03 percent)
S & P 500: 2,274.64 +4.20 (+0.18 percent)
NASDAQ: 5,574.12 +26.63 (+0.48 percent)
Crude Oil: $52.52 a barrel
Today’s Stock Market and Economic News:
The business week ended today with positive economic news, including the announcement that retail sales were up 0.6 percent in December, spurred on by strong auto and furniture sales. It showed that 2016 ended the year with momentum which is expected to carry over into 2017.
Banking and financial stocks are optimistic about the coming year after several of them reported positive 4th quarter results for 2016.
JP Morgan profit rose a staggering 24 percent, primarily because of equity trading after the U.S. election.
On the other hand, the scandal and resulting reimbursements at Wells Fargo caused that bank’s profits to fall 6.4 percent.
In the coming weeks, investors can expect more news about possible criminal and civil investigations into Fiat-Chrysler.
Despite the recent enthusiasm for stocks and the push to have the Dow rise above 20,000, many investors are worried about the possibility of a “massive stock market selloff” in February.
One area which is particularly vulnerable are department stores stocks. These retailers have seen their sales fall for eleven straight years and they face ongoing competition from online businesses such as Amazon.
One issue which could affect stock volatility in the coming months will be if President-elect Donald Trump continues to Tweet about various companies and industries. His Tweets have caused day-traders to quickly buy and sell the stocks he mentions.
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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