Dow Jones Industrial Average Ends Choppy Session Higher After Trump

Our Senior Trader on Banks, Bonds, and 3 Stocks to Sell

by Kirra Fedyszyn |

Published on Jan 11, 2017 at 4:23 PM

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.
 
Continue reading for more on today's market, including:
 

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.

indexes closing summary jan 11
nyse and nasdaq stats jan 11

5 Items on Our Radar Today

  1. One of the most contentious issues of Donald Trump's upcoming presidency has been potential conflicts of interest regarding his personal businesses. During today's press conference, lawyer Sheri Dillon revealed that Trump will not divest all his business holdings. Still the president-elect is making plans to avoid unconstitutional emolument issues by having any profits made from foreign dignitaries staying at his hotels forwarded to the U.S. Treasury. (CNBC)
  2. While most eyes are on the incoming president's plans regarding environment issues, researchers at Oak Ridge National Laboratory in Tennessee reported they have discovered a new way to remove carbon from air. The new method requires far less energy than existing carbon-capture processes, employing far lower temperatures and reusable solutions. (USA Today)
  3. One options trader upped the ante on a bullish bet as American Airlines Group Inc (NASDAQ:AAL) flew higher.
  4. Could the post-Trump sell-off be just the beginning for this biotech ETF?
  5. How a Pandora Media Inc (NYSE:P) buyout could "singlehandedly resolve Sirius XM's digital strategy."

quarterly earnings jan 11
unusual options activity jan 11
Data courtesy of Trade-Alert

Commodities:

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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