Daily Stock Market News Jan. 17, 2017: With the new president being inaugurated this week, as well as the start of earnings season for the Fourth Quarter of last year, this could be a volatile week. Trump commented this morning that the value of the dollar was too strong, and this brought down both the dollar and the stock market. See more details of events affecting the market today, as well as today’s closing prices.
U.S. Stock Market Closing Prices Jan. 17, 2017:
Dow Jones Industrial Averages: 19,826.77 -58.96 (-0.30 percent)
S & P 500: 2,267.89 -6.75 (-0.30 percent)
Nasdaq: 5,538.73 -35.39 (-0.63 percent)
Crude Oil: $53.34 a barrel
Today’s Stock Market and Economic News:
A great deal of activity will be going on in the stock market this week. President-elect Trump will have his inauguration on Friday. One of the issues which brought down stock values today is comments which Trump made saying the dollar was too high. The dollar fell … and stocks dropped, too.
Meanwhile, a large number of companies will begin to report their Fourth Quarter, 2016 earnings. Among those we can expect to hear from this week are:
After the inauguration, Trump intends to make his plans clearer. There could be a tug-of-war between the new president and Congress, as he vocally has expressed disagreement with some of the proposals coming out of the Republican controlled Congress.
Meanwhile, the president-elect continues to Tweet about a variety of companies and industries, often early in the morning before the stock market opens. This has delighted day traders, but irritated many long-term investors.
General Motors is expected to announce this week that they plan to invest $1 billion into their business in the United States. These are not new plans; they have been considering doing this for some time. However, the official announcement is expected to come this week, just prior to the inauguration.
Oil prices continue to stabilize as Saudi Arabia sticks with their planned production cuts. However, the U.S. is one of the countries which has been increasing production, which could undermine what Saudi Arabia is attempting to accomplish with production caps.
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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