Your Weekly Market Blip 2/24/17

Your Weekly Market Blip 2/24/17

The Dow traded lower most of the day but at the close it went into the black and eked out a record close for the 11th straight trading session. Volume was light as the Dow closed up 11 at 20,821. For the week the Dow gained about 0.8%.
Nordstrom’s, the upscale retailer with three CEO’s, posted quarterly earnings yesterday and it was a pleasant surprise in a sector that is facing extinction from the Amazon jungle. Nordy’s posted a 3% revenue rise and a 17% jump in profits. Online sales were positive as were sales at discount Rack stores. Shares were up over 6% on heavy volume. This positive news offset an announcement by JC Penny which said it was closing another 140 stores.
The University of Michigan released a survey about how Americans view the job market. The survey showed that 35% of US consumers expect the unemployment rate to decline this year which is the highest reading for this particular survey since 1984. At that time (1984) the Dow lost about 4% but then in early 1985 began a bull market in which posted great numbers until the 1987 crash woke everyone up with a nice crisp headslap.
The LA Times reported that Nestle USA is moving its headquarters from Glendale CA to Virginia and parts of Ohio. The move will affect 1,200 jobs. Nestle has been in Glendale since 1980 and is making the move In order to get closer to its east coast production facilities and the DC political establishment. They will be in the Capital building lobby handing out butterfingers.
Gold prices continue to creep higher as political uncertainty in the US and Europe coupled with lower expectations for an immediate US interest rate hike. Gold closed at a 3 month high of $1,258 an ounce.