KOMU 8 Market Report: Stocks Snap Back from Historic Highs

4 years 3 months 1 week ago March 15, 2013 Mar 15, 2013 Friday, March 15 2013 Friday, March 15, 2013 5:06:00 PM CDT in News
By: Katie Brennan
loading

COLUMBIA - U.S. stocks retreated Friday, snapping the Dow's longest winning streak in more than 16 years. The S&P 500 came close to setting a new record high but pulled back as well.

The three major indexes closed down- causing investors to question if this historic rally is running out of steam. The Dow slid 25.03 points to close at 14,514.11, its first decline on a Friday so far this year. It comes after 10 positive sessions in a row, the Dow's longest win streak since 1996. If the blue chip index had held on to gains Friday, it would've logged its first 11-session winning streak in more than 21 years.

The S&P 500 erased 2.51 points to end at 1,560.72, almost 5 points short of its 2007 closing high - 1,565.15. The index closed two points away from that all-time closing high Thursday. The NASDAQ declined 9.86 points to finish at 3,249.07.

Still, both the S&P 500 and NASDAQ posted their third-consecutive week of gains and the Dow saw its fourth-straight week of gains. It's up an impressive 11 percent so far this year. For the week, markets gained - the Dow climbed 0.81 percent, the S&P 500 rose 0.61 percent, and the NASDAQ came in 0.14 percent higher.

Those weekly gains were influenced by jobs data from Thursday. For the third week in a row jobless claims dropped- meaning the number of Americans who filed new claims for unemployment benefits fell. The drop gives hope we'll see acceleration in labor market. The last time we saw these levels was in the fall of 2007, before the recession hit. The data means fewer people are being laid off, but it's unclear if that will turn into more hiring.

But the boost is much-needed. Three and a half years into the recovery and Missouri is still more than 140,000 jobs short of its January 2008 peak.

We are seeing ecouraging signs locally that hiring is on the rise. Columbia-based Veteran's United is growing quickly. The company added 450 jobs last year and just purchased a new building in Columbia that will house 180 employees.

But right behind that positive jobs data came a disappointing comsumer sentiment report, with the lowest number since December 2011 - and that spurred Friday's losses. Investors are questioning whether a correction of this historic rally is on its way or if the losses are just a breather and the rally will keep on strong.

The Fed's low interest rate policy is certainly helping this rally and next week Ben Bernake will decide if he wants to keep his foot on the gas. That decision will certainly influence markets, as will a slew of economic data on housing. Existing home sales and housing starts numbers are out next week as well.

 

More News

Grid
List
WASHINGTON (AP) - When the justices take the bench Monday for their final week before a summer hiatus, they are... More >>
49 minutes ago June 24, 2017 Jun 24, 2017 Saturday, June 24 2017 Saturday, June 24, 2017 8:18:00 AM CDT in News
BOONVILLE – Residents gathered on Saturday for the 28th Annual Boonville Heritage Days. About 100 members of the community... More >>
4 hours ago June 24, 2017 Jun 24, 2017 Saturday, June 24 2017 Saturday, June 24, 2017 4:38:00 AM CDT in News
COLUMBIA - Police are warning residents about a phone scam. The Columbia Police Department said it has received multiple... More >>
5 hours ago June 24, 2017 Jun 24, 2017 Saturday, June 24 2017 Saturday, June 24, 2017 3:52:00 AM CDT in News
COLUMBIA - MUPD officers gave the "all clear" late Friday night after authorities said they did not find an explosive... More >>
6 hours ago June 24, 2017 Jun 24, 2017 Saturday, June 24 2017 Saturday, June 24, 2017 3:01:00 AM CDT in News
MONITEAU COUNTY - The Moniteau County sheriff denied accusations of the jail being in poor condition following posts on social... More >>
13 hours ago June 23, 2017 Jun 23, 2017 Friday, June 23 2017 Friday, June 23, 2017 7:48:00 PM CDT in Top Stories
JEFFERSON CITY - A Missouri non-profit organization is raising money for veterans in its own unique way, bull riding. ... More >>
13 hours ago June 23, 2017 Jun 23, 2017 Friday, June 23 2017 Friday, June 23, 2017 7:34:00 PM CDT in Top Stories
COLUMBIA- Rep. Chuck Basye, R-Rocheport and Sen. Caleb Rowden, R- Columbia met with dozens of Mid-Missouri parents and children to... More >>
13 hours ago June 23, 2017 Jun 23, 2017 Friday, June 23 2017 Friday, June 23, 2017 7:12:00 PM CDT in Top Stories
COLUMBIA - After residents said they did not want a roundabout, the Columbia Public Works Department has come up with... More >>
14 hours ago June 23, 2017 Jun 23, 2017 Friday, June 23 2017 Friday, June 23, 2017 7:05:00 PM CDT in News
COLUMBIA - More than 200 requests have come in so far in just the twenty-four hours after MU leadership announced... More >>
15 hours ago June 23, 2017 Jun 23, 2017 Friday, June 23 2017 Friday, June 23, 2017 5:13:00 PM CDT in News
COLUMBIA - Pollen is not the only allergen that arrives with the warm summer weather. A specific type of tick... More >>
16 hours ago June 23, 2017 Jun 23, 2017 Friday, June 23 2017 Friday, June 23, 2017 4:36:00 PM CDT in News
ST. LOUIS (AP) — A former St. Louis County sheriff's deputy faces up to a decade in federal prison now... More >>
16 hours ago June 23, 2017 Jun 23, 2017 Friday, June 23 2017 Friday, June 23, 2017 4:19:00 PM CDT in News
MONITEAU COUNTY - One person was taken into custody after the Moniteau County Sheriff's Office and the Mid-Missouri Drug Task... More >>
17 hours ago June 23, 2017 Jun 23, 2017 Friday, June 23 2017 Friday, June 23, 2017 4:01:00 PM CDT in News
COLUMBIA - The Columbia city council is considering new regulations on payday loan companies and money lending businesses. The... More >>
17 hours ago June 23, 2017 Jun 23, 2017 Friday, June 23 2017 Friday, June 23, 2017 3:49:00 PM CDT in News
COLUMBIA - Columbia College will be giving high school students a chance to earn college credits. The two dual credit... More >>
18 hours ago June 23, 2017 Jun 23, 2017 Friday, June 23 2017 Friday, June 23, 2017 2:43:00 PM CDT in News
JEFFERSON CITY- The Missouri State Highway Patrol celebrated the graduation of 27 troopers in Jefferson City on Friday morning. ... More >>
18 hours ago June 23, 2017 Jun 23, 2017 Friday, June 23 2017 Friday, June 23, 2017 2:31:00 PM CDT in News
MONITEAU COUNTY - A man was taken into custody after the Moniteau County Sheriff's Office and Mid-Missouri Drug Task Force... More >>
19 hours ago June 23, 2017 Jun 23, 2017 Friday, June 23 2017 Friday, June 23, 2017 1:39:00 PM CDT in News
COLUMBIA – Four summer interns work with the city of Columbia to rate the conditions of roads and determine which... More >>
19 hours ago June 23, 2017 Jun 23, 2017 Friday, June 23 2017 Friday, June 23, 2017 1:33:00 PM CDT in News
MONITEAU COUNTY - The Missouri State Highway Patrol is investigating a deadly crash north of Tipton on Wednesday. According... More >>
20 hours ago June 23, 2017 Jun 23, 2017 Friday, June 23 2017 Friday, June 23, 2017 12:40:00 PM CDT in News
Columbia, MO
Broken Clouds 69°
10am 71°
11am 72°
12pm 74°
1pm 75°

Select a station to view its upcoming schedule:

Coming Up Next

7:00a
Today Weekend
9:00a
KOMU 8 News Today
10:00a
The Voyager with Josh Garcia
8:30a
Dog Whisperer with Cesar Millan: Family Edition
9:00a
Dog Whisperer with Cesar Millan: Family Edition
9:30a
Dog Whisperer with Cesar Millan: Family Edition

Tonight's Schedule

7:00p
Nitro Circus
7:00p
Family Guy
7:30p
Family Guy
8:00p
Bob's Burgers
8:30p
Bob's Burgers
9:00p
KOMU 8 News @ Nine on The CW
9:30p
Seinfeld