After coming within one point of 20,000 on Friday, the Dow Jones Industrial Average's march to that critical threshold remained hard to pin down on Monday. This as oil prices were falling, moving below $53 a barrel after trade data released on Friday showed an uptick in U.S. production. Different data showed an increase in U.S. oil rig count. Plus, McDonald's (MCD) shares were in focus after selling a majority stake in its China business to private equity firm Carlyle Group (CG) for $2.1 billion. McDonald's was one of the worst Dow Jones Industrial Average components of 2016. Finally, the British pound plunged against the dollar after UK Prime Minster Theresa May signaled that a hard Brexit would be coming. Article 50, which would formally commence withdrawal negotiations, is set to be triggered in March.
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.