Wall Street secured gains again by late afternoon Wednesday as volatility spiked following President-elect Donald Trump's first press conference since winning the election.
The Nasdaq was up 0.05%, the S&P 500 gained 0.11%, and the Dow Jones Industrial Average added 0.34%. The CBOE Volatility Index (VIX.X) spiked to more than 12 on Wednesday.
Biotech stocks sold off shortly after Trump suggested he would aggressively negotiate the prices the U.S. paid for drugs. In his first press conference since July, Trump said pharmaceutical companies have been "getting away with murder." The iShares Nasdaq Biotechnology ETF (IBB) slumped more than 3%, while the SPDR S&P Biotech ETF (XBI) slid 4%.
Lockheed Martin (LMT) also tumbled after Trump reiterated that his presidency would seek to cut costs in the construction of a new Air Force fleet. Trump had previously criticized the costs of the F-35 program.
Trump repeated a number of his previous talking points, including that he would not release his tax returns as they were under audit and that only the press cared about the issue. Trump also noted that the president cannot have a conflict of interest.
Trump also pointed out the potential that intelligence agencies could have been behind the leak of unverified reports of his links to Russia on Tuesday, despite no evidence. Trump also called the reports "fake news."
Trump's election in November has lit a fire under stocks, particularly the Dow. Since the day after the election in November, the Dow has rocketed more than 8% higher on the hopes of higher construction spending in the U.S. and loosened regulations on Wall Street. The Dow last week came within a point of the 20,000 milestone before backing off.