The Dow Jones industrial average erased its gain for the year on Thursday, part of a pullback for stock indexes as Treasury yields continued their upward march.
The Dow Jones industrial average fell 72 points, or 0.4%, to 19,732.40. That puts the Dow down about 32 points for the year and will makes this the fifth straight day of losses. The Standard & Poor’s 500 index fell 0.4% to 2,263.69. The Nasdaq composite fell 0.3% to 5,540.08.
Four stocks fell for every one that rose on the New York Stock Exchange.
Stocks have slowed in 2017 following an electrifying jump higher since Election Day. Investors are waiting to see what a Donald Trump presidency will really mean for stocks. They’ve already seen the optimistic case, as shown in the nearly 6% jump for the S&P 500 since Donald Trump’s surprise victory of the White House, propelled by expectations for lower taxes and less regulation on businesses.
But on the possible downside, increased tariffs or trade restrictions could mean drops in profits for big U.S. companies.
Bond yields continued their march higher, and the 10-year Treasury yield rose to 2.47% from 2.43% late Wednesday. Yields have generally been climbing since Election Day on expectations that President-elect Donald Trump’s policies will spur more inflation and economic growth. The 10-year yield is still below its perch above 2.60% that it reached in mid-December, but it’s well above the 2.09% yield it was at a year ago.
Reports have shown that the U.S. economy has been improving recently, and the latest on Thursday showed encouraging signs for the housing and labor markets. The fewest number of workers sought unemployment claims last week in 43 years, a sign that corporate layoffs are subsiding.
Stocks ended mixed Thursday as retailers dominated the news with Macy’s and Kohl’s both plunging following weak holiday-season reports that led the chains to cut their profit forecasts.
Still, the Nasdaq composite’s modest gain of 11 points, or 0.2%, was enough to notch a new all-time high. Settling at at 5487.94, it topped the old record by half a point.
The Dow Jones industrial average finished down 43 points, a 0.2% decline to 19,899.29. Losing 0.1% was the S&P 500, which settled at 2269 even.
nvestors were also focusing on upcoming U.S. jobs data following the publication of the minutes to the Federal Reserve’s last board meeting.
Private U.S. companies added 153,000 jobs in December, according to payroll processor ADP. That total was a bit lower than analysts expected and slightly slower than the pace of hiring for the rest of 2016. The government will issue its own hiring report on Friday.
Stocks climbed Wednesday as Wall Street posted a second straight day of gains in the new year and the Dow once again approached the 20,000 milestone.
The Dow Jones industrial average ended up 60 points, or 0.3%, to 19,942.16. The blue-chip index rose has come close to topping 20,000 several times in recent weeks but each time it gets near has pulled back. The Standard & Poor’s 500 index rose 0.6% and the Nasdaq composite index gained 0.9%. Both the S&P 500 and Nasdaq are near their record closing highs.
Stocks maintained their gains following the release of the minutes from the latest Federal Reserve meeting that provided clues to why policymakers raised interest rates in December for only the second time since 2006 and forecast three rate hikes in 2017 instead of the two moves previously anticipated.
Fed officials said they might have to raise interest rates faster than anticipated to prevent rapidly falling unemployment and President-elect Donald Trump’s proposed fiscal stimulus from fueling excessive inflation, according to minutes of the Fed’s December 13-14 meeting.
Benchmark U.S. crude was up 1.8% to $53.24 a barrel in New York. It lost $1.39 on Tuesday.
What a difference a year makes. The U.S. stock market kicked off the first day of trading of 2017 with solid gains, a year after plunging in the opening session of 2016 on its way to its worst week to start a year ever.
The benchmark Standard & Poor’s 500 stock index — which closed up 0.9% to 2258 — posted a gain on the first trading day of a new year for the first time since 2013. Last year, the large-company stock index cratered 1.53% on January’s first trading session — its sixth-worst Day 1 percentage loss and worst annual kickoff since 2001 — on its way to a worst-ever first week of the year decline of 5.96%, according to S&P Dow Jones Indices. The S&P 500, however, rebounded and finished 2016 up 9.5%.
The Dow Jones industrial average rose as much 176 points before pulling back and finishing up 119 points, or 0.6%, to 19,882. The blue-chip index came within 105 points of 20,000 after a late-year flirtation with the milestone fell short. The technology-packed Nasdaq rose 0.9% and the small-company Russell 2000 stock index, which gained 19.5% in 2016, finished up 0.5%.
Stocks sank on the last trading day of 2016, with the Dow now 237 points short of the 20,000 milestone that it came closest to hitting on Dec. 20.
It was merely a weak end to a very strong year, however, with the S&P 500 gaining 9.5% and the small-company Russell 2000 jumping 19.5% for 2016.
For the day, the Dow Jones industrial average lost 0.3%, off 57 points to 19,762.60. But for 2016, the blue chips gained 13.4%.
The S&P 500 ended 0.5% lower for the day, while the Nasdaq composite fell 0.9%
Global stocks mostly rose on the year’s last day of trading, with Britain’s index rallying to hit another all-time high. The FTSE 100, which was trading for only a half day, rose 0.3%. That leaves the index 14.4% higher over 2016. Elsewhere in Europe, Germany’s DAX rose 0.3%, while France’s CAC 40 gained 0.5%.
The Global Dow Index is running into its long-term Down trendline stemming from the 2007 all-time peak.
Here in the U.S., equity investors have been a bit spoiled as they’ve watched index after index break into all-time high ground this year. Around the globe, investors have not been so lucky. Yes, most international indices have rallied solidly this year. However, with few exceptions, the rallies have still left these international markets shy of their all-time highs. One illustration of this situation can be seen in a chart of the Global Dow Index (GDOW).
We’ve posted many times on the GDOW due to its reliable conformity to technical charting tools, despite the fact that very little money is traded off of it. Additionally, we have found it to be an accurate barometer of the state of the global equity market. Specifically, the GDOW is an equally-weighted index of 150 of the world’s largest stocks. While this includes U.S.-based companies, its heavy dose of international exposure has led to its aforementioned position below its all-time high.
Furthermore, it is currently running into potential resistance in the form of its post-2007 Down trendline connecting the 2007, 2014 and 2015 tops.
Stocks ended slightly lower Wednesday but the major indexes remain near record levels and the Dow is still within striking distance of the big 20,000 milestone.
The Dow Jones industrial average ended down about 32 points, or 0.2% after rising as high as 19,986.56 in the opening minutes of trade. The Dow jumped 91.56 points Tuesday to close at a record 19,974.62.
It’s now at 19,941.96 — about 58 points shy of 20,000.
The Standard & Poor’s 500 index ended down 0.3% and the Nasdaq composite lost 0.2% as it retreated from its record close of 5483.94.
Investors were once again watching the Dow in its ongoing quest for the psychologically-important 20,000 mark as the blue-chip index has made several attempts to break through but each time has fallen just short. The index has rallied strongly since the election of Donald Trump as the next U.S. president amid hopes that the incoming administration will be kind to business and back more spending on such things as infrastructure.
Oil prices were lower as benchmark U.S. crude fell 1.5% to $52.49 per barrel in electronic trading on the New York Mercantile Exchange.
Bond prices rose slightly. The yield on the 10-year Treasury note fell to 2.54% from 2.56% late Tuesday.
Global stock markets were trading in narrow ranges Wednesday.
European markets were mixed as Britain’s FTSE 100 fell less than 0.1% and Germany’s DAX gained less than 0.1%. France’s CAC-40 fell 0.3%.
After coming within 13 points of 20,000, the Dow Jones industrial average fell shy of the milestone but still notched a fresh all-time high.
The Dow closed up 91.56 points, or 0.5%, and closed at its 17th record closing high since Election Day at 19,974.62, or less than 25 points shy of 20,000. During the session it notched an intraday record high of 19,987.63 in morning trading. The Standard & Poor’s 500 index gained 0.4% and closed at 2270.76, just shy of its record closing high. The Nasdaq composite index hit a record close of 5483.94, after rising 26.50 points, or 0.5%, to 5483.94.
The blue-chip index has made several attempts to break through the 20,000 mark but each time it’s fallen just short. The index has rallied strongly since the election of Donald Trump as the next U.S. president amid hopes that the incoming administration will be kind to business and back more spending on such things as infrastructure.
Bond prices fell. The yield on the 10-year Treasury note rose to 2.57% from 2.54%. Bond yields have jumped to longtime highs over the last few months but they fell sharply yesterday. Higher yields allow banks to charge more money for loans, so financial firms traded higher. Goldman Sachs (GS) added 1.7% and Bank of America (BAC) gained 1%.
Benchmark U.S. crude gained 11 cents to $52.23 per barrel in New York.
Stocks lost steam Friday as the Dow failed in another attempt at topping the 20,000 mark for the first time ever.
The Dow Jones industrial average lost less than 0.1%, down 8 points to finish at 19,843.41. The S&P 500 fell 0.2%, while the Nasdaq composite shed 0.4%.
After an initial jolt from the Fed’s interest rate hike decision this week, markets adjusted to the prospect of more increases that policymakers signaled were in store as they move to “normalize” interest rates. The Fed raised rates for only the second time in a decade and hinted three more hikes are on the way in 2017, rattling markets used to ultralow borrowing costs that have fueled a multiyear stock boom. The Fed’s move now shifts the focus from central bank policy to economic growth as the driver of stock market performance.
Bond yields gave up some of their big gains from the last few days.The yield on the 10-year Treasury fell to 2.58% from 2.60% late Thursday, putting at least a temporary halt to its strong rally since last month’s presidential election.