Stocks rallied on Wednesday after President-Elect Trump held his first press conference of 2017. The tech heavy Nasdaq composite closed at a record high while the Dow Jones Industrial Average continued to trade just below 20,000. Meanwhile, the Mexican Peso hit a fresh record low after Trump reiterated his intention to build a wall.
Gary’s Thoughts: Getting closer on the dow. Rest of market acted well as it sold off on Trump and then rallied. But…message to Trump. Keep ripping on business and eventually you will cause a dislocation. Promise! Yesterday, Trump ripped the drug companies. Immediately, everything drugs sold off hard. We are not defenders of drug companies. We just need to state if Trump has a problem with industry, it would be better to call them out behind closed doors first…because in the wrong kind of market, he will crack the market. He also stated “and other industires!” So there are other industries he does not like or has issue with. Which ones? When will he mention them? What will be the repercussions?