On Wednesday, President-elect Donald Trump held a highly-anticipated news conference in which he battled the biased liberal media over false reporting about his alleged ties to Russia.
The media event was so contentious that Trump refused to take a question from a CNN reporter, calling his organization “fake news” – which led to huge applause from the audience!
While the press conference was highly combative, after it ended something even more amazing happened. The Nasdaq closed a a record high of 5,563.65, a 0.2% increase from the previous day.
Nasdaq hits another closing high as US equities finish strong https://t.co/1BJoBJeMWm
— BusinessEco (@targetInspecto) January 11, 2017
From CNBC:
U.S. equities closed higher in choppy trade on Wednesday, shrugging off a sharp decline in health care stocks following remarks made by President-elect Donald Trump.
“We have to get our drug industry coming back. Our drug industry has gotten disastrous. They’re leaving left and right,” Trump said at his first news conference since winning the U.S. election.
The Nasdaq composite fell after Trump made his remarks, as the iShares Nasdaq Biotechnology ETF (IBB) fell 3 percent. The tech-heavy index, however, ended the session 0.2 percent higher at a record closing level. The S&P 500 advanced 0.3 percent, shrugging off a 1 percent decline in health care. Energy stocks led the way in the S&P, rising 1.2 percent.
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The Dow Jones industrial average closed about 99 points higher, with Goldman Sachs and IBM contributing the most gains. The blue-chips index briefly turned lower after Trump’s remarks on the pharmaceutical industry.
While the Nasdaq hit a record, biotech stocks saw a decline in value after Trump said during his news conference that he would work to negotiate the prices of drugs, which he says drug companies have been “getting away with murder” over increasing drug prices.
Do you think the Nasdaq reached a record high in response to Trump’s press conference? Should American businesses be confident that he will be a pro-American business president? Share your thoughts below!