The Nasdaq scored another record close for the fourth time this week as health care stocks rebounded from earlier selloffs. The S&P 500 also sported gains, while the Dow Jones Industrial Average saw slight losses. Crude oil ended the week with the worst losses in a month despite a welcome decline in the number of active oil-drilling rigs in the U.S. The drop was the first in 11 weeks. Infosys (INFY) slumped after lowering its sales guidance for its fiscal year. The India-based IT company also warned of potential changes to the H1-B visa under a Trump administration. The visa class applies to specialized workers. Pandora (P) rallied after reaching a total 4.3 million paid subscribers in December. The music streaming company also announced plans to cut its U.S. workforce by roughly 7%.
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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.