The Dow Jones Industrial Average fell for its fifth straight session in the countdown to the inauguration of President-elect Donald Trump. The blue-chip index now sits more than 200 points from its 20,000 milestone. Western Union (WU) declined after admitting to money laundering and a number of fraud violations. The company agreed to a $586 million fine from the Department of Justice and committed to new anti-fraud and compliance measures. Crude oil pared gains to close modestly higher after a weekly reading on domestic inventories showed building supply. Crude and gas inventories both rose in the past week. Goldman Sachs gave a thumbs-up to Panera Bread (PNRA) , upgrading its rating to buy from neutral. Analysts said they anticipate the chain's new delivery service to boost sales.
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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.