January 6, 2017
The Dow toyed with 20,000 but wasn't able to breach the barrier, touching 19,999.63 at mid-session but ending at 19,963 for a 0.3 percent gain on the day. The December employment report proved solid though the 156,000 in nonfarm payrolls is a bit softer-than-expected. Not soft is a 0.4 percent rise in average hourly earnings that lifts the year-on-year rate to a cycle high of 2.9 percent. The gain in wages points to inflationary risks and underscores the Fed's plans to hike rates three times this year, hikes that would slow inflation but also possibly slow economic growth.