The Dow Jones Industrial Average (DJIA) explored both sides of breakeven today, as traders reacted to President-elect Donald Trump's highly watched press conference. Biotech stocks were among the biggest movers, taking a hit after Trump slammed the drug industry as a whole. Although the Mexican peso hit a record low, the U.S. dollar cooled off in the later part of the session, broadly giving stocks a boost. While the Dow ultimately closed in positive territory, the 20,000 level remained out of reach, however the recently outperforming Nasdaq Composite (COMP) shook off early weakness to notch a fifth straight record closing high.
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The Dow Jones Industrial Average (DJIA - 19,954.28) tacked on 98.8 points, or 0.5%, with drugmaker Merck & Co., Inc. (NYSE:MRK) topping the list of 23 gainers, adding 2.9%. Sector peer Pfizer Inc. (NYSE:PFE) tracked the seven losers, slipping 1.8%.
The S&P 500 Index (SPX - 2,275.32) added 6.4 points, or 0.3%, while the Nasdaq Composite (COMP - 5,563.65) climbed 11.8 points, or 0.2%, to score yet another all-time closing high.
The CBOE Volatility Index (VIX - 11.26) fell 0.2 point, or 2%, for its lowest close since July 2014.
5 Items on Our Radar Today
Data courtesy of Trade-Alert
Oil prices bounced back today, in spite of a larger-than-predicted rise in domestic stockpiles, as the U.S. dollar weakened. Also boosting crude were reports that the Organization of the Petroleum Exporting Countries (OPEC) output fell for the first time in seven months, and that Saudi Arabia reduced its exports to Asia. For the day, February-dated crude oil added $1.43, or 2.8%, to close at $52.25 per barrel.
After selling off in the morning hours, gold futures shot higher after this morning's highly anticipated press conference with the president-elect. Specifically, gold for February delivery ended the session up $11.10, or 0.9%, at $1,196.60 -- its highest close since late November.
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