Stocks tumble into the red then rebound during Trump's press conference
Markets InsiderUS stocks erased their intraday gains and then rebounded on Wednesday as President-elect Donald Trump held his first press conference since the election.
Biotech stocks were particularly whacked after Trump complained about the US government's inability to negotiate prices despite being the biggest purchaser of drugs in the world.
Shares of the aerospace company Lockheed Martin also fell after Trump mentioned the firm. He had criticized costs of its F-35 Lightning II project.
The Dow rose to an intraday high of 19,999.63 last week Friday and tried several times but failed to cross 20,000. It moved to within 17 points of the milestone on Wednesday before the drop during the press conference.
At 12:14 p.m. ET, the Dow is up 73 points (0.37%), the S&P 500 is up 2 points (0.12%) and the Nasdaq is flat.
CNN reported on Tuesday that Trump and President Barack Obama received classified briefing materials that showed Russian operatives claimed to have compromising personal and financial information on the president-elect. NOW WATCH: Watch Yellen explain why the Federal Reserve decided to raise rates