Volatility increased somewhat today due to Trump's first press conference since winning the November election. True to form, he was light on specifics and addressed only those issues he wanted to focus on, almost completely avoiding issues of fiscal policy. The dollar sold off as a result of no hints on spending and taxes, finishing down 0.25% against a basket of other major currencies.
Hit the hardest, though, were biotech and pharmacy companies, which Trump said need to be much more competitive price wise. By the close, though, US stocks as a whole were solidly in the green, as had been their European cousins earlier. The STOXX 600 index rose 0.5%, compared to the Industrials (up 0.5%), the NASDAQ and the S&P 500 (up 0.2% each).
Oil prices bounced back today, with crude futures gaining 2.7%. Precious metals, down a fair amount early on, rallied back. Or at least gold did - up $4/oz. ... Log in or subscribe to continue reading.
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