Daily Stock Market News Jan. 23, 2017: On the Monday after Trump’s inauguration, his protectionist speech on Saturday contributed to today’s drop in stock prices. Many corporations are unsure how his policies will affect them, so some investors are pulling money out of stocks until they have time to evaluate which companies will be losers and which will be winners. See more financial news and today’s closing numbers.
U.S. Stock Market Closing Prices Jan. 23, 2017:
Dow Jones Industrial Averages: 19,799.85 -27.40 (-0.14 percent)
S & P 500: 2,265.20 -6.11 (-0.27 percent)
NASDAQ: 5,552.94 -2.39 (-0.04 percent
Crude Oil: $52.83 a barrel
Today’s Stock Market and Economic News:
After the excitement of this weekend’s inauguration and the Women’s March on Washington, everyone is getting down to business. Jitters over Trump’s policies caused both the stock market and the dollar to fall this morning.
One concern of investors is that companies with overseas manufacturing plants could face border taxes on their products when they bring them into the US. This could have a major effect on some corporations.
Fear also surrounded Trump’s inaugural address, which many felt set a strong protectionist tone.
Investors are also expecting that government bonds will do poorly under a Trump administration.
Later this week, Trump will be meeting with Prime Minister May, the new leader of Great Britain. There is a great deal of concern about how both leaders will deal with Brexit, the exit of Great Britain from the European Union.
The Economic Record under the Past Few Presidents:
Investors will be closely monitoring the Trump effect on the economy, and how it stacks up against the policies of previous presidents.
Median monthly jobs added
Obama: 186,000 a month
Bush: 61,000 a month
Clinton: 252,000 a month
Median yearly net wage growth
Obama: 2.2 percent
Bush: 3.3 percent
Clinton: 3.5 percent
Average of compound annual growth rate for S&P 500 Total Returns
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.
Twitter.com / MSN Money / Market Watch / YahooFinance / Bloomberg / Reuters / Wall Street Journal and other public news sources
Statistics on the past three presidential administrations: marketwatch.com/story/the-trump-scoreboard-track-the-markets-and-economy-under-trump-in-one-graphic-2017-01-20?link=sfmw_tw
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