The 2016 presidential election was definitely not smooth. And if the current state of the press coming out of the White House is any indication, the next four years are going to be rough as well. The first press conference held by president elect Donald Trump in early January lead to some disturbing stock responses. Just hearing his views on various companies and stocks lead to some serious decreases in stock prices. Biotech and Lockheed Martin were two stocks that were particularly affected after being criticized by Trump.
Key Takeaways:
- Biotech stocks were particularly whacked after Trump complained about the US government’s inability to negotiate prices despite being the biggest purchaser of drugs in the world.
- It moved to within 17 points of the milestone on Wednesday before the drop during the press conference.
- Shares of the aerospace company Lockheed Martin also fell after Trump mentioned the firm. He had criticized costs of its F-35 Lightning II project.
“US stocks erased their intraday gains and then rebounded on Wednesday as President-elect Donald Trump held his first press conference since the election. Biotech stocks were particularly whacked after Trump complained about the US government’s inability to negotiate prices despite being the biggest purchaser of drugs in the world.”
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