US Markets Fluctuate Following Trump’s First Post-Election News Conference

With little meaningful economic data reported Wednesday, investors turned their focus to PEOTUS Donald Trump’s first news conference since winning the election.  Much attention was focused on the promised building of a wall at the Mexican border along with Trumps’ intent to reshape the pricing dynamics of the pharmaceutical business.  With regard to fulfilling his campaign promise of the construction of a wall along the southern border, Trump confirmed his plans to begin construction soon after taking office in 9 days, even though how the US will have Mexico pay for it, has not begun to be discussed.  “I could wait about a year and a half until we finish our negotiations with Mexico which will start immediately after we get into office, but I don’t want to wait.  Mexico in some form … will reimburse us,” Trump said.  The Mexican peso dropped to a record low of 22.04 per dollar following the press conference, continuing its post-election slide that has resulted in the Peso earning the title of world’s worst performing major currency of 2016.  Also contributing to the negative sentiment, Trump addressed US auto companies in his dialogue and warned of a high tax he would impose for all products made south of the border and sold in the US.  He then went on to congratulate Ford and Fiat Chrysler for already taking the steps to expand production in the United States.