- Mike Segar/Reuters
Stocks jumped around wildly in trading Wednesday, ultimately finishing in the green.
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: 19,954.28, +98.75, (0.50%) S&P 500: 2,275.32, +6.42, (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 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.