DJIA Slips, NASDAQ on a High
The Dow Jones Industrial Average (DJIA) went down by 31.85 points to close at 19,855.53 on Tuesday.
The S&P 500 index ended flat at 2,268.90.
But the NASDAQ composite index was the star of the day, with the NASDAQ hitting another record close. The index gained 20 points and closed at a new record high of 5,551.82.
The tech stocks that were beaten after the election of Donald Trump in November 2016 are back with a bang in the stock market today.
Valeant Stock (VRX Stock) Gains 7%, General Motors Stock (GM Stock) Rises
Valeant Pharmaceuticals Intl Inc (NYSE:VRX) stock went up by seven percent on the news of new deals announced. Late Monday, the company said it would sell its Dendreon cancer unit to Chinese conglomerate Sanpower Group Co Ltd for $818.8 million in cash. Also, Valeant has agreed to sell three skincare brands to French cosmetics giant L’Oréal SA (EPA:OR) for $1.3 billion.
General Motors Company (NYSE:GM) stock went up by 3.7% after the company forecast outlook for 2017 was better-than-expected. The carmaker said on Tuesday that it expects adjusted earnings per share (EPS) of $6.00 to $6.50 for this year. Moreover, the company expects to maintain or improve its earnings before interest and taxes (EBIT)-adjusted margin on higher revenues. The positive outlook for 2017 is based on expectations for strong growth in North America and China, as well as growth in “GM Financial.”
Earlier in January, GM stock was in the news when U.S. President-elect Donald Trump posted a tweet and warned the company of imposing a big border tax. Trump claimed that the company was sending Mexican-made models of the “Chevy Cruze” to U.S. car dealers, tax-free. GM countered Trump by saying that all Chevrolet Cruze sedans sold in the U.S. are built in GM’s assembly plant in Lordstown, Ohio.
Stock Market News Today
All eyes will be set on the news conference today by Donald Trump. His comments may help to clarify his policy positions and provide some clues to the future direction of the market.
Good News for Merck & Co., Inc. (MRK Stock)
Merck & Co., Inc. (NYSE:MRK) fell almost two percent in the last trading session, but MRK stock is up about three percent in pre-market trading. The news is just in that the company has pulled ahead of its rivals in the race to combine immunotherapy with other drugs as a treatment for lung cancer, which is likely to give the company a big lead in the cancer market.