Stocks were mostly higher after U.S. jobs gains in November solidified the chances of an interest rate hike in December. The likelihood of a rate hike when the Federal Reserve meets in just over a week currently sits at 95%. Banks reversed course, giving back some of the big gains achieved as President-elect Trump filled out his Cabinet this week. Banks such as Goldman Sachs (GS) and JPMorgan (JPM) had rallied on what were seen as Wall Street-friendly Cabinet picks. Pandora (P) surged on reports the company is considering a sale. The music-streaming service is reportedly open to negotiations with SiriusXM (SIRI) , which had previously made a play for Pandora. Teleflex (TFX) climbed after agreeing to acquire Vascular Solutions (VASC) in a deal worth $1 billion. The deal is set to close in the first half of next year.
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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.