How Trump’s presser threatened to wreck his own stock-market rally

MarketWatch | 1/11/2017 | Wallace Witkowski
shankay (Posted by) Level 3
Click For Photo: http://s.marketwatch.com/public/resources/MWimages/MW-FD517_trump__MG_20170111125007.jpg

On Wednesday, President-elect Donald Trump’s first news conference since July didn’t deliver fresh insights into the billionaire’s policies, but it did manage to whipsaw Wall Street stocks.

U.S. equities tumbled after the presser started, with comments from Trump that drug companies were “getting away with murder” with respect to pricing. However, the Dow Jones Industrial Average DJIA, +0.50% the S&P 500 index SPX, +0.28% and the Nasdaq Composite Index COMP, +0.21% all closed higher in the wake of the hourlong conference.

Equities - Promise - Clarity - Trump - Promise

Equities had traded higher on the promise clarity on Trump’s promise of delivering a shot in the arm to the U.S. economy, but with a dearth of details and a focus on railing against news outlets, stock investors struggled for a spark. The news event also took an odd turn, with Trump at one point batting down a series of reporter requests to pose questions, one with the declaration: “You are fake news!”

Here’s how some of the trading action played out in a number of assets:

Stocks - Session - Trade - Drop - Press

Stocks spent the session in choppy trade, following the drop that kick off the press conference. Toward the end of the session, stocks recovered from their lows of the day, with the Dow closing up 0.5% at 19,954.28, putting the blue-chip gauge about less than 50 points shy of the psychologically significant 20,000 level Wall Street has been breathlessly watching.

The biggest losers from those comments have been health-care shares, on fears of more stringent price controls. The iShares Nasdaq Biotechnology Index IBB, -2.99% finished the day down 3%, but the Nasdaq Composite Index COMP, +0.21% rang up an all-time closing high.

Impact - Markets - Trump - News - Conference

“The biggest impact on markets out of Trump news conference was on Biotech firms,” said Naeem Aslam, chief market analyst at ThinkMarkets, in emailed comments. “You cannot say that this was not going to happen, as...
(Excerpt) Read more at: MarketWatch
16 other people are viewing this story
Wake Up To Breaking News!
Sorry Mr. Franklin, we couldn't keep it.
Sign In or Register to comment.

Welcome to Long Room!

Where The World Finds Its News!

LongRoom Culture
Grizzly Bear Cubs Wrestling At Katmai National Park in Alaska! Cubs will be cubs, and these bears are having a great time...
SpaceX Landing Looked Insanely Easy! The return to earth for the latest SpaceX mission was a perfect landing.  On August 14,...
Fire and Dominoes? These domino set ups by Kaplamino feature candles, sparklers and balloons to create an exciting array of...
WOW! Dynjandi Waterfall in Iceland is Amazing! Iceland is an amazing magical place!  This series of waterfalls is massive and...
Baby Elephant Rescued by Female Elephant While Surrounded by Lions Just Waiting For The Rescue To Fail! Another example of the...
Russian Mother Cat Adopts 8 Orphaned Hedgehog Babies! When these hedgehog babies lost their mother in a lawnmower accident, the...
Funny Hamster Running On Wheel With Friend Gets Caught And Hit With The Wheel On The Rear Until He Breaks Free!
Captain Jumped Into Frigid Waters To Rescue Crew Members Of The Capsized Fishing Boat The Grayling! When Captain Pruitt of the...
Dog Says Thank You To Owner! Can dogs really talk?  There are so many examples of dogs saying things that we understand, it is...
Storm The Golden Retriever Rescues A Baby Deer From Drowning! A true hero, Storm and his owner, Mark Freeley were walking along...
Time Lapse Of Orb Spider Spinning Web! Orb spiders are amazing web spinners and this one is captured creating its masterpiece...
Longboarding In The Alps With Metal Sliding Gloves! This amazing run down a steep road really shows how the gloves are used.
Knife Cutting Through Wood Like Butter! Wood carving takes very sharp tools!  This carver shows how he is holding the spoon in...
Man Jumps From Trampoline Into A Giant Inflated Bubble Ball! Complete with somersault, this man jumps from the trampoline to...
Dog Runs Along The Beach With Kite Boarder! It doesn't look like this kite boarder expected to have such close company on his...
Waterfall Unable to "Fall" Due To High Winds! Unusual video of a waterfall that is being blown by the wind so severely that it...
Little Cowboy Learning Calf Roping At Just The Right Age! When the calf breaks out of the chute, this little cowboy is ready.
Dog Shadows Every Move That His Owner Makes! This dog couldn't be happier than to make every move that his owner makes at the...
Fun Physics Tricks You Can Try At Home! These physics tricks are great experiments to try at home just for fun! Here's another...
Life Hacks That Will Help You Organize Your Clothes! This collection of tips and tricks in organizing your closet and drawers...
Cat Can Play Shell Game Flawlessly! This con game does not con this cat who can pick the right cup everytime!  The cat would be...
Mother Grizzly Carries Her 2 Cubs Across River On Her Back! This touching video shows a mother grizzly swimming across the...
Darwin's Bark Spider Has Real "Spidey" Power And Builds Bridge Over 80 Feet Long! This spider is able to extrude a strand of...
Dance Meets Light Show - Light Balance Dancers at America's Got Talent 2017! This dance routine is amazing. It is...
Mouse Doesn't Let Being Upside Down and Under His Running Wheel Stop Him From Getting a Good Run In! Something is not right in...