Market - - Jan 02,2017
US stocks had fell flat on the last day of 2016, but Dow Jones had a commendable year as it reached record highs on a number of occasions.
A solid second half contributed to strong gains for the U.S. markets. The Dow Jones were on pace to add about 14% in 2016, which could be considered its best year since 2013. The S&P 500 headed for a 10% climb, its biggest annual gain since 2014. The prices of crude oil are on track for their best year since 2009, and the U.S. government bonds headed for a second consecutive year of price declines.
On December 30, the Dow Jones Industrial Average (DJI) declined from its climb of 20,000 points, dropping 0.3 percent to 19,769.38 after opening at 19,834.46.
Wall Street had the worst ever start in 2016, from crashing oil prices to political events like Brexit and the highs and lows of market caused in the wake of US presidential elections, this year in stocks wasn't for the faint of heart.
But the tables turned as Dow closed 2016 more than 4,300 points above its January low of 15,451. In a post-election surge, built around Trump's promises, the Dow almost reached 20,000 for the first time.
The S&P 500 Index (GSPC) went for a similar dip at the year’s end, falling by 0.55 percent to 2,239.25 after the market opened at 2,251.77 and the Nasdaq Composite Index (IXIC) fell by more than 1 percent to 5,383.12 from 5,438.72 on December 30.
Still, these two indexes also finished 2016 with a gain as compared to the start of the year. The S&P rose by 10 percent, or more than 226 points. The Nasdaq Composite, meanwhile, gained almost 10 percent, or 480 points.
While some people are celebrating the apparent bounce of the market, others keep an eye on 2017, as President-elect Donald Trump is set to take over and kick start a new set of proposals involving extensive deregulation, lower corporate taxes and a deficit-inflating $1 trillion spending plan.