Daily Stock Market News Jan. 31, 2017: The uncertainty caused by the Trump immigration plan and a drop in consumer confidence caused stocks to drop in value for the second day in a row. Some analysts are also concerned about the effect of protectionism and rising home prices. See details of the market news and today’s closing prices.
U.S. Stock Market Closing Prices Jan. 31, 2017:
Dow Jones Industrial Averages: 19,864.09 -107.04 (-0.54 percent)
S & P 500: 2,278.87 -2.03 (-0.09 percent)
NASDAQ: 5,614.79 +1.07 (+0.02 percent)
Crude Oil: $52.84 a barrel
Today’s Stock Market and Economic News:
Amid the chaos over Trump’s immigration ban from seven Muslim majority nations, as well as a drop in consumer confidence, the stock market continued to slide today.
Protectionism trends under the Trump Administration are also causing the European Union to consider seeking different trade partners, other than the United States.
One segment of the economy which is particularly nervous is the pharmaceutical industry, after President Trump has repeatedly complained about their high prices.
In addition to other factors which could affect the stock market in coming months, it is common for stock prices to fall for the first couple of months following an election. Of course, there has been nothing typical about this election cycle, so it is hard to tell if this trend will still hold true.
Rapidly rising home prices, combined with climbing interest rates, is also creating concern for some economists.
The Economic Record under the Past Few 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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