STOCKS RISE: Here's what you need to know
Advertisement
Mike Segar/Reuters
Advertisement
The press conference of President-elect Donald Trump to address conflicts of interest regarding his businesses and a report claiming ties to the Russian government sent stocks and other assets swinging wildly on Wednesday.
All three indexes finished positive, with the Dow Jones Industrial Average still unable to break through the 20,000 threshold.
We've got all the headlines, but first, the scoreboard:
- Dow: 19,947.91, +96.32, (0.16%)
- S&P 500: 2,275.19, +6.29, (0.28%)
- Nasdaq: 5,563.65, +11.83, (0.21%)
- WTI crude oil: $50.78, +$1.43, (2.81%)
- 10-year Treasury yield: 2.370%, -0.009
- Trump talks to the media for the first time since the election. Trump admitted that Russia was behind election-related hacking and also promised that his sons would run his businesses without his knowledge, both concerns that had been raised since November 8.
- Biotech stocks got crushed after Trump's comments on drug pricing. Trump said pharmaceutical companies were "getting away with murder" in terms of drug pricing and vowed to make the drugs cheaper. The iShares biotech ETF fell almost immediately and ended the day down roughly 2.75%.
- Lockheed Martin also sold off after a Trump comment. Trump reiterated his comment that Lockheed's flagship F-35 fighter jet was too expensive and that he would get the price down. Despite most of the program already being paid for, the company's shares slid as much as 1.75% and finished the day down 0.5%
- The Mexican peso went wild. The currency, used during the campaign as a proxy for Trump's chances to win, fluctuated wildly throughout the press conference as Trump addressed questions over his desire to build a wall between the US and Mexico, falling to its weakest ever level against the US dollar at one point in trading.
- Bitcoin got rocked. The cryptocurrency fell just over 15% on Wednesday, to $768 per coin, and has lost more than 30% of its value in the last four plus trading sessions.
- Jeff Gundlach of DoubleLine Capital went after Janus Capital's Bill Gross in his latest presentation. Gundlach said that "second-tier" bond investors (of which Gross is one) had said 2.6% was a key level for the US Treasury 10-year yield during a presentation to investors. Gross had made this call in a letter to clients earlier on the same day.
ADDITIONALLY:
Advertisement
One of the biggest market leaders is flashing a warning sign
The CIO of a $490 billion fund on the one 'guaranteed losing approach' to investing
Advertisement
- A centenarian who starts her day with gentle exercise and loves walks shares 5 longevity tips, including staying single
- A couple accidentally shipped their cat in an Amazon return package. It arrived safely 6 days later, hundreds of miles away.
- FSSAI in process of collecting pan-India samples of Nestle's Cerelac baby cereals: CEO
- India's e-commerce market set to skyrocket as the country's digital economy surges to USD 1 Trillion by 2030
- Top 5 places to visit near Rishikesh
- Indian economy remains in bright spot: Ministry of Finance
- A surprise visit: Tesla CEO Elon Musk heads to China after deferring India visit
- Unemployment among Indian youth is high, but it is transient: RBI MPC member