The Dow Jones Industrial Average's road to 20,000 had another detour as a selloff in crude spooked the energy sector. Crude oil settled at its lowest level in three weeks. The Nasdaq had a good day, though, ending at a new record after gains in health care stocks. Merrimack Pharmaceuticals (MACK) was among them, climbing after drugmaker Ipsen agreed to buy some of its assets, including a drug for pancreatic cancer. The deal is worth more than $1 billion. Alibaba (BABA) shares climbed after its CEO Jack Ma met with President-elect Trump at Trump Tower. Ma said the two discussed how to create one million jobs in the U.S. over five years. Coca-Cola (KO) was downgraded to sell from neutral at Goldman Sachs. Analysts pointed to structural changes and increased challenges tied to currency exchange.
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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.