Closing Bell: Alibaba's Ma Meets With Trump; Nasdaq Hits Record

The Dow Jones Industrial Average's road to 20,000 has another detour as a selloff in crude spooks the energy sector.
Author:
Publish date:

The Dow Jones Industrial Average's road to 20,000 had another detour as a selloff in crude spooked the energy sector. Crude oil settled at its lowest level in three weeks. The Nasdaq had a good day, though, ending at a new record after gains in health care stocks. Merrimack Pharmaceuticals (MACK) - Get Report was among them, climbing after drugmaker Ipsen agreed to buy some of its assets, including a drug for pancreatic cancer. The deal is worth more than $1 billion. Alibaba (BABA) - Get Report  shares climbed after its CEO Jack Ma met with President-elect Trump at Trump Tower. Ma said the two discussed how to create one million jobs in the U.S. over five years. Coca-Cola (KO) - Get Report was downgraded to sell from neutral at Goldman Sachs. Analysts pointed to structural changes and increased challenges tied to currency exchange.