Wall Street ran at two speeds with the Dow Jones Industrial Average setting a record high earlier in the day while the Nasdaq plummeted into the red. Markets continued to trade erratically following Tuesday's election results. Pharmaceutical stocks including Merck (MRK) and Pfizer (PFE) were in rally mode after Democrats failed to secure the presidency and Republicans maintained control of the House and Senate. Democrats would likely have reined in rampant price gouging from pharmaceutical companies. Mylan (MYL) joined in on health care gains despite falling short of third-quarter earnings and sales estimates. The drugmaker swung to a loss in its recent quarter, largely tied to a multi-million dollar settlement with the DoJ. Shake Shack (SHAK) jumped after lifting its full-year sales outlook. The burger chain also reported a more-than 40% increase in third-quarter revenue and nearly 3% increase in same-store sales. TheStreet's Keris Lahiff reports from Wall Street.
More from Video
How quickly do we find support, is what we'll want to know now, as the correction is occurring while economic optimism builds.
Despite the president's promise of no stimulus until after Nov. 3, there are no signs yet that this is the sort of correlated selling that leads to a deep correction.
Salesforce, Amgen and Honeywell will give a lift to the DJIA going forward.
CAG has hung onto the bulk of its recent gains, and could rise to the $50 area, according to the charts and indicators.