Stock Market Drops After Trumps Biotech Pricing Comments, Impressive Come BackStock-Markets / Stock Market 2017 Jan 12, 2017 - 06:32 AM GMT
The stock market had a very volatile day today as the indices went up in the morning, down in the afternoon on news that Trump is going to make the biotech companies accountable for pricing, rallied back up, came back down to retest, held, and then put on a very impressive afternoon rally that took the indices back into the plus column, to close up on the day.
Net on the day, the Dow was up 98.75 at 19,954.28, 19 points off the high. The S&P 500 was up 6.42 at 2275.32, right at the high for the day. The Nasdaq 100 was up 15.04 at 5050.21, also at the high for the day, 38 points off the low.
Advance-declines were 20 to 9 positive on the New York Stock Exchange, and 5 to 4 positive on the Nasdaq. Up/down volume was almost 2 to 1 positive on New York, total volume of 3 1/2 billion shares traded. The Nasdaq traded 1.7 billion shares and had an 11 to 8 positive volume ratio.
TheTechTrader.com board was very mixed today. Priceline.com (PCLN) was up 86 cents to 1536.11, Alphabet Inc. (GOOG) up 3.12 to 807.91, Apple Inc. (AAPL) up 64 cents to 119.75, Amazon.com, Inc. (AMZN) 3.12 to 799.03, and Netflix, Inc. (NFLX) 61 cents to 130.50.
Baidu, Inc. (BIDU) lost 1.00 to 179.31, Facebook, Inc. (FB) gained 1.74 to 126.09, and First Solar, Inc. (FSLR) advanced 1.61 to 35.00.
Tesla Motors, Inc. (TSLA) dropped 14 cents to 229.73.
Other stocks to the upside included Argan, Inc. (AGX) up 1.00 to 70.35, Exact Sciences Corporation (EXAS) up 1.09 to 18.66.
On the downside, NVIDIA Corporation (NVDA) was down another 1.31 to 105.16, NeuroDerm Ltd. (NDRM) down 1.00 to 20.90, Clovis Oncology Inc (CLVS) down 1.05 to 49.33, CoLucid Pharmaceuticals, Inc. (CLCD) 1.45 to 33.55, and Aerie Pharmaceuticals, Inc. (AERI) 1.05 to 38.80.
The Direxion Daily S&P Biotech Bull 3X ETF (LABU) had a very tough session, down 4.51 to 37.90, but the low is another point below that.
Checking TheTechTrader.com percent-gain leaderboard, Uranium Resources, Inc. (URRE) climbed 94 cents, or 42%, to 3.19, on 25.5 million shares traded. Biocept, Inc. (BIOC) popped 90 cents, or 50%, to 2.71, on 63 million shares traded. AXT Inc. (AXTI) bounced 50 cents, or 10%, to 5.80.
MYOS RENS Technology Inc. (MYOS) jumped 5.52, or 425%, to 6.82, 16 million shares traded, or 85,000% more volume than average.
AXIM Biotechnologies, Inc. (AXIM) ran 3.26, or 28%, to 15.00. Kornit Digital Ltd. (KRNT) bounced 2.85, or 20%, to 16.80, on 1.75 million shares traded, reaching as high as 17.50 at one point.
The Direxion Daily S&P Biotech Bear 3X ETF (LABD) closed up 1.41, or 10%, to 14.96.
Among other gainers, Workday, Inc. (WDAY) had a big day today, up 7.35 to 81.70, and Teck Resources Limited (TECK) was up 1.57 to 23.98.
Stepping back and reviewing the hourly chart patterns, the indices were up a little in the morning, they got slammed back down, came back strongly, retested the lows, and then had a very strong, late rally, closing at the highs for the day.
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