KOMU 8 Market Report: Stocks Snap Back from Historic Highs

3 years 11 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
Embed Code Copied

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
COLUMBIA - Gov. Eric Greitens plans to put $11 million back into school transportation and $41 million back into home... More >>
36 minutes ago February 23, 2017 Feb 23, 2017 Thursday, February 23 2017 Thursday, February 23, 2017 6:44:00 PM CST in News
NEW FRANKLIN - President Donald Trump reversed President Barack Obama's directive on transgender students being able to use the bathroom... More >>
44 minutes ago February 23, 2017 Feb 23, 2017 Thursday, February 23 2017 Thursday, February 23, 2017 6:36:00 PM CST in News
FULTON - Drive down memory lane to Fulton's Auto World Museum and transport yourself through the decades. Bill Backer,... More >>
3 hours ago February 23, 2017 Feb 23, 2017 Thursday, February 23 2017 Thursday, February 23, 2017 4:07:47 PM CST in News
JEFFERSON CITY (AP) — Missouri House members have passed a bill to reduce the duration of state jobless benefits to... More >>
3 hours ago February 23, 2017 Feb 23, 2017 Thursday, February 23 2017 Thursday, February 23, 2017 3:51:43 PM CST in News
COLUMBIA - The Columbia man accused of plotting a terror attack with people he believed were members of ISIS was... More >>
3 hours ago February 23, 2017 Feb 23, 2017 Thursday, February 23 2017 Thursday, February 23, 2017 3:47:00 PM CST in News
JEFFERSON CITY (AP) — A new ordinance in St. Louis prohibits discrimination based on "reproductive health decisions." It's an effort... More >>
4 hours ago February 23, 2017 Feb 23, 2017 Thursday, February 23 2017 Thursday, February 23, 2017 2:47:00 PM CST in News
JEFFERSON CITY – The investigatory subcommittee created to examine harassment and hostile working conditions in Missouri’s prisons heard from two... More >>
4 hours ago February 23, 2017 Feb 23, 2017 Thursday, February 23 2017 Thursday, February 23, 2017 2:45:00 PM CST in News
COLUMBIA - A Columbia man is fighting the Hershey Company in federal court for allegedly under-filling two of its candy... More >>
5 hours ago February 23, 2017 Feb 23, 2017 Thursday, February 23 2017 Thursday, February 23, 2017 2:03:00 PM CST in Top Stories
JEFFERSON CITY (AP) — Missouri's GOP legislative leaders say it should be up to schools to decide how to handle... More >>
5 hours ago February 23, 2017 Feb 23, 2017 Thursday, February 23 2017 Thursday, February 23, 2017 1:40:00 PM CST in News
JEFFERSON CITY (AP) — Missouri Gov. Eric Greitens is largely reversing his proposed cut to in-home care services for low-income... More >>
6 hours ago February 23, 2017 Feb 23, 2017 Thursday, February 23 2017 Thursday, February 23, 2017 12:57:00 PM CST in News
WENTZVILLE (AP) — Police in the eastern Missouri town of Wentzville are investigating after a woman working inside the General... More >>
8 hours ago February 23, 2017 Feb 23, 2017 Thursday, February 23 2017 Thursday, February 23, 2017 11:11:00 AM CST in News
COLUMBIA - In a partnership with Kickstarter, the True/False Film Festival has introduced a childcare initiative to provide support for... More >>
9 hours ago February 23, 2017 Feb 23, 2017 Thursday, February 23 2017 Thursday, February 23, 2017 10:15:00 AM CST in News
HANNIBAL (AP) — Thirteen people from Missouri and Illinois face federal charges for allegedly conspiring to distribute cocaine and other... More >>
9 hours ago February 23, 2017 Feb 23, 2017 Thursday, February 23 2017 Thursday, February 23, 2017 9:59:00 AM CST in News
CLAYTON (AP) — A St. Louis County man has been found guilty of looting a Foot Locker store during riots... More >>
11 hours ago February 23, 2017 Feb 23, 2017 Thursday, February 23 2017 Thursday, February 23, 2017 7:47:00 AM CST in Continuous News
ST. LOUIS (AP) — St. Louis police have identified the man killed by an officer after allegedly shooting at police... More >>
11 hours ago February 23, 2017 Feb 23, 2017 Thursday, February 23 2017 Thursday, February 23, 2017 7:45:18 AM CST in Continuous News
COLUMBIA – About 45 concerned Mid-Missourians had the opportunity to ask the important questions they want experts to answer Wednesday... More >>
17 hours ago February 23, 2017 Feb 23, 2017 Thursday, February 23 2017 Thursday, February 23, 2017 1:47:00 AM CST in News
BOONE COUNTY - A motorcycle crash sent one person to University Hospital Wednesday night, according to a Boone County Sherrif's... More >>
23 hours ago February 22, 2017 Feb 22, 2017 Wednesday, February 22 2017 Wednesday, February 22, 2017 7:43:00 PM CST in Top Stories
COLUMBIA - The Boone County Cyber Crimes Task Force investigated an apartment at the Lakewood Apartment Complex Wednesday afternoon. ... More >>
23 hours ago February 22, 2017 Feb 22, 2017 Wednesday, February 22 2017 Wednesday, February 22, 2017 7:30:00 PM CST in News
Columbia, MO
Broken Clouds 64°
8pm 65°
9pm 64°
10pm 64°
11pm 63°

Select a station to view its upcoming schedule:

Coming Up Next

7:00p
Superstore
7:30p
Powerless
8:00p
The Blacklist
7:00p
Supernatural
8:00p
Riverdale
9:00p
KOMU 8 News @ Nine on The CW

Tonight's Schedule

7:00p
Superstore
7:30p
Powerless
8:00p
The Blacklist
9:00p
The Blacklist: Redemption
7:00p
Supernatural
8:00p
Riverdale
9:00p
KOMU 8 News @ Nine on The CW
9:30p
Seinfeld