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THURSDAY, JANUARY 19, 2017 E2 5B

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Stocks and presidents: First 100 days bullish
Adam Shell
@adamshell
USA TODAY
The post-election “Trump ral-
ly” ends Friday, when Donald
Trump officially takes over power
at the White House from Barack
Obama.
Since Trump’s election victory
on Nov. 8, the Standard & Poor’s
500 stock index has rallied 6.2%,
which currently ranks fifth in the
honeymoon period from Election
Day through Inauguation Day
since 1928, when President Her-
bert Hoover enjoyed a No. 1-best
13.3% gain, data from Gluskin
Sheff show.
So what do stocks tend to do
after the transfer of power and in
the first 100 days of a new presi-
dent’s administration? Sam Sto-
vall, chief investment strategist at
Price: $83.94 Day’s high: $84.23 Low: $83.03 4-WEEK TREND
JPMorgan Chase $100
financial firm CFRA, crunched The financial services firm was accused of discrimi-
Change nating against blacks and Hispanics, leading them to
$83.94
the numbers.
“Friday starts the clock on the $0.39 pay higher interest rates and fees from 2006 to
2009. The company denied the allegations and then $80
newly inaugurated president’s % chg
‘honeymoon’ with the American announced a settlement of $55 million. Dec. 21 Jan. 18
0.5%
people,” Stovall said in a report.
“It’s also known as the First 100
days, in which investors give the Price: $37.47 Day’s high: $37.58 Low: $37.12 4-WEEK TREND
president a three-plus-month
grace period enveloped in opti- General Motors $40
$37.47
mism toward the expected for- The automaker says it will invest $1 billion in its
ward looking programs of his new Change manufacturing operations in the U.S. and create or
administration.” $0.16 keep 1,500 jobs and add another 5,000 jobs over the
More often than not, stocks go next few years. In addition, about 450 jobs will re- $30
% chg Dec. 21 Jan. 18
up. 0.4% turn to the U.S. from Mexico.
During the first 100 days of a
president’s first term in office
since 1953, the S&P 500 rose 1.6% Price: $16.05 Day’s high: $16.07 Low: $15.06 4-WEEK TREND
on average and was higher at the
end of 100 days 70% of the time. Navient $20
But performance differences The student loan services firm was sued by the Con-
by party were wide, as the S&P Change $16.05
sumer Financial Protection Bureau, which says it
500 fell 0.4%, on average, under $0.28 has “systematically and illegally” failed borrowers
the five new Republican presi- for years. Navient is the USA’s largest student loan $15
dents, vs. a 3.5% average gain for % chg Dec. 21 Jan. 18
1.8% servicer, with more than 12 million borrowers.
the six Democrats.

MAJOR INDEXES DOW JONES INDUSTRIALS

19,804.72
DOW S&P
20,000
DJIA SPX
-22.05 JONES +4.00 500
INDUSTRIAL AVERAGE STANDARD & POOR'S
CHANGE: -.1% CLOSE: 19,804.72 CHANGE: +.2% CLOSE: 2,271.89
YTD: +42.12 PREV. CLOSE: 19,826.77 YTD: +33.06 PREV. CLOSE: 2,267.89
YTD % CHG: +.2% RANGE: 19,739.00-19,828.20 YTD % CHG: +1.5% RANGE: 2,263.35-2,272.01

COMP NASDAQ RUT RUSSELL 17,500

July Jan.
+16.92 COMPOSITE
+6.24 RUSSELL 2000 INDEX
NASDAQ COMPOSITE STANDARD & POOR’S 500
5,555.65
5,600 2,250
CHANGE: +.3% CLOSE: 5,555.65 CHANGE: +.5% CLOSE: 1,358.56
YTD: +172.54 PREV. CLOSE: 5,538.73 YTD: +1.43 PREV. CLOSE: 1,352.32
YTD % CHG: +3.2% RANGE: 5,534.77-5,555.98 YTD % CHG: +.1% RANGE: 1,350.81-1,358.83

S&P 500’S BIGGEST GAINERS/LOSERS YTD

2,271.89
GAINERS Company (ticker symbol) Price $ Chg % Chg % Chg

Fastenal (FAST) 51.06 +2.81 +5.8 +8.7

Shares rise on fourth-quarter earnings beat. 5,000 2,050
July Jan. July Jan.
Mead Johnson Nutrition (MJN) 75.25 +3.81 +5.3 +6.3
AP
Shares up on Nestle takeover speculation.
TOP 10 MUTUAL FUNDS MARKET PERFORMANCE BY SECTOR
Nucor (NUE) 62.38 +2.24 +3.7 +4.8 Fund, ranked by size NAV Chg. 4wk 1 YTD 1
PERFORMANCE
Vanguard 500Adml 209.79 +0.40 +0.8% +1.6%
Stock climbs on positive political comments. Vanguard TotStIAdm 56.95 +0.14 +0.8% +1.6% SECTOR DAILY YTD

United Rentals (URI) 111.02 +3.79 +3.5 +5.2

Vanguard InstIdxI
Vanguard TotStIdx
207.01
56.93
+0.40
+0.14
+0.8%
+0.8%
+1.6%
+1.6%
Energy -0.2% 23.8%
Vanguard InstPlus 207.02 +0.39 +0.8% +1.6%
Moves higher in positive industry. Vanguard TotIntl 15.14 -0.05 +3.3% +2.8%
Vanguard TotStIIns 56.96 +0.14 +0.8% +1.6%
Industrials 0.4% 18.8%
Broadcom (AVGO) 185.02 +5.91 +3.3 +4.7 Vanguard WelltnAdm 67.97 -0.10 +0.6% +0.8%
Positive company notes, shares up. American Funds GrthAmA m 43.41 +0.11 +2.1% +3.3%
Materials 0.6% 17.4%
American Funds IncAmerA m 21.90 -0.03 +1.0% +1.1%
1 – CAPITAL GAINS AND DIVIDENDS REINVESTED
Qorvo (QRVO) 59.17 +1.91 +3.3 +12.2
Shares climb as company announces earnings call. Technology 0.3% 15.8%
TOP 10 EXCHANGE TRADED FUNDS
ETF, ranked by volume Ticker Close Chg. % Chg %YTD
Skyworks Solutions (SWKS) 79.27 +2.38 +3.1 +6.2 VanE Vect Gld Miners GDX 23.01 -0.35 -1.5% +10.0% Utilities -0.1% 13.2%
Shares rise ahead of earnings call. SPDR Financial XLF 23.14 +0.19 +0.8% -0.5%
Dir Dly Gold Bull3x NUGT 10.01 -0.46 -4.4% +31.0%

Vulcan Materials (VMC) 127.30 +3.64 +2.9 +1.7 Dirx Jr GoldMin Bull JNUG 8.35 -0.85 -9.2% +49.6% Consumer discret. -0.2% 7.4%
SPDR S&P500 ETF Tr SPY 226.75 +0.50 +0.2% +1.4%
Reverses early loss in growing industry. Barc iPath Vix ST VXX 21.31 -0.08 -0.4% -16.5%
iShs Emerg Mkts EEM 36.46 -0.20 -0.5% +4.1% Consumer staples 0.3% 3.8%
Citrix Systems (CTXS) 93.56 +2.66 +2.9 +4.8 CS VelSh 3xInvrsNGs
US Oil Fund LP
DGAZ
USO
3.84
11.16
+0.20
-0.27
+5.5%
-2.4%
+26.7%
-4.8%
Climbs as it receives market perform at Wells Fargo. VanE Vect JrGoldMin GDXJ 36.69 -1.22 -3.2% +16.3% Telcom -0.7% 3.4%
Viacom (VIAB) 39.76 +1.07 +2.8 +13.3 INTEREST RATES MORTGAGE RATES
Positive company note, shares higher. Health care -0.1% -2.2%
Type Close 6 mo ago Type Close 6 mo ago
Prime lending 3.75% 3.50% 30 yr. fixed 3.99% 3.40%
YTD Federal funds 0.66% 0.40% 15 yr. fixed 3.16% 2.66% Financials 0.8% -2.9%
LOSERS Company (ticker symbol) Price $ Chg % Chg % Chg 3 mo. T-bill 0.52% 0.29% 1 yr. ARM 3.04% 2.82%
5 yr. T-note 1.88% 1.14% 5/1 ARM 3.31% 2.91%
Target (TGT) 66.85 -4.09 -5.8 -7.4 10 yr. T-note 2.42% 1.59% SOURCE: BANKRATE.COM CBOE VOLATILITY INDEX
Cuts forecast after weak holiday season. Measures expected market volatility
COMMODITIES based on S&P 500 index options pricing:
Mallinckrodt (MNK) 46.53 -2.89 -5.8 -6.6 Commodities Close Prev. Chg. % Chg. % YTD

FTC preparing monopoly charges.

Cattle (lb.) 1.20 1.20 unch. +0.6% +1.1% 20
Corn (bushel)
Gold (troy oz.)
3.65 3.66
1,211.30 1,212.00
-0.01
-0.70
-0.1%
-0.1%
+3.7%
+5.3%
12.48
Northern Trust (NTRS) 83.99 -4.16 -4.7 -5.7 Hogs, lean (lb.) .65 .66 -0.01 -0.9% -1.4%
10 30
Natural Gas (Btu.) 3.30 3.41 -0.11 -3.2% -11.3%
Fourth-quarter earnings fell short. Oil, heating (gal.) 1.61 1.65 -0.04 -2.4% -5.6%
Oil, lt. swt. crude (bar.) 51.08 52.48 -1.40 -2.7% -4.9%
Hanesbrands (HBI) 22.01 -.85 -3.7 +2.0 Silver (troy oz.) 17.24 17.10 +0.14 +0.8% +8.2%
Soybeans (bushel) 10.75 10.69 +0.06 +0.5% +7.9%
Reverses early jump as it announces earnings call. Wheat (bushel) 4.31 4.34 -0.03 -0.6% +5.6%

CSX (CSX) 36.88 -1.21 -3.2 +2.6 0 40

Shares lower on fourth-quarter results. FOREIGN CURRENCIES +0.61 (+5.1%)
Currency per dollar Close Prev. 6 mo. ago Yr. ago

Under Armour C (UA) 25.35 -.85 -3.2 +.7

British pound
Canadian dollar
.8141
1.3240
.8067
1.3052
.7541
1.2945
.7020
1.4552
S&P 500 P/E RATIO
Continues downtrend since negative company note. Chinese yuan 6.8342 6.8728 6.7073 6.5799 The price-to-earnings ratio, based on
Euro .9377 .9338 .9035 .9181
Japanese yen 113.74 112.66 106.12 117.37
trailing 12-month “operating” earnings:
Dollar Tree Stores (DLTR) 77.31 -2.20 -2.8 +.2 Mexican peso 21.9303 21.5803 18.3924 18.2034
Industry seen overestimated, dips premarket. 15
20.87
Dentsply Sirona (XRAY) 56.55 -1.62 -2.8 -2.0 FOREIGN MARKETS
7.5 22.5
Country Close Prev. Change %Chg. YTD %
Northcoast cuts estimates, shares follow. Frankfurt 11,599.39 11,540.00 +59.39 +0.5% +1.0%
Hong Kong 23,098.26 22,840.97 +257.29 +1.1% +5.0%
Under Armour (UAA) 29.35 -.79 -2.6 +1.0 Japan (Nikkei) 18,894.37 18,813.53 +80.84 +0.4% -1.2%
London 7,247.61 7,220.38 +27.23 +0.4% +1.5%
Shares drop along with sibling stock. Mexico City 46,360.63 46,002.56 +358.07 +0.8% +1.6%
SOURCES: MORNINGSTAR, DOW JONES INDEXES, THE ASSOCIATED PRESS
Dollar General (DG) 72.44 -1.89 -2.5 -2.2 0 30
Dips along with peers in negative environment. IN-DEPTH MARKETS COVERAGE SOURCE BLOOMBERG +0.03 (+0.2%)
SOURCE: BLOOMBERG AND THE ASSOCIATED PRESS USATODAY.COM/MONEY

Beige book: Economy grew modestly in late 2016

Paul Davidson
@Pdavidsonusat
USA TODAY
The economy expanded mod-
estly in most of the country late
last year, with manufacturing re-
bounding and retail sales increas-
ing, but the holiday shopping
season was generally disappoint-
ing, the Federal Reserve said
Wednesday.
Growth was modest in the
Philadelphia, Cleveland, Atlanta,
Chicago, St. Louis, Minneapolis
and Kansas City, Mo., Fed bank
districts, the Fed said in its beige
book, which provides an anecdot-
al summary of the economy.
Gains were moderate in Rich-
mond, Va., Dallas and San Fran-
cisco; “modest to moderate” in
Boston; and flat in New York.
The report, which covered late
November through December,
was largely similar to previous
versions that tracked a modest
pickup in activity in most areas.
The good news is that manu-
facturers in most regions “report-
ed increased sales with several
citing a turnaround versus earlier
PAUL SANCYA, AP
Manufacturing in most re-
gions had increased sales, the
Federal Reserve data showed.
in 2016,” the beige book said. The
rise in oil prices last year spurred
many crude producers to restart
shuttered wells and ramp up or-
ders for steel pipes and other ma-
terials. Although two districts
cited weakness in coal produc-
tion, “others reported improve-
ments in coal, oil or gas activity,”
the report said. That’s consistent
with recent data that show gains
in factory activity and output.
Meanwhile, job growth grew at
a “slight to moderate” pace as
wages rose modestly. But many
regions continued to struggle to
find skilled workers in the tight-
ening labor market, and several
even faced hurdles “recruiting for
less skilled jobs.” Many districts
said they expected the market to
tighten further this year, “with
wage pressures likely to rise and
the pace of hiring to hold steady
or increase.”
Average monthly job growth
slowed last year to 180,000 from
229,000 in 2015, largely because
employers scrambled to find
workers as the unemployment
rate dipped below 5%. Mean-
while, average wage gains
climbed to nearly 3% throughout
2016 from the roughly 2% pace
that prevailed for most of the eco-
nomic recovery.