Dow Jones Industrial Average Today Slips 34 Points As Oil Prices Plunge

A weekend surprise in Saudi Arabian energy policy and the ongoing containment of the wildfires in Canada pushed oil prices down, overshadowing a strong rally for biotech stocks on what was a relatively tame day for the markets. Traders are still digesting Friday’s weak jobs report, but a stronger dollar pushed down gold prices and silver prices. Gold fell 2.2% on the day.

Here’s what else you need to know about the markets on May 9, 2016.

First up, check out the results for the Dow Jones Industrial Average, S&P 500, and Nasdaq:

Dow Jones: 17,705.91; -34.72; -0.20%                               

S&P 500: 2,058.69; 1.55; 0.08%     

Nasdaq: 4,750.21; 14.05; 0.30%

Now, here’s the top stock market news today…

DJIA Today: Biotech Stocks Rally on Allergan-Teva Pharmaceuticals Deal News

The U.S. Federal Reserve is back in focus again. Today, former Goldman Sachs Group Inc. (NYSE: GS) banker and current Minneapolis Federal Reserve Bank President Neel Kashkari said that he believes that interest rates and current monetary policy are “about right” for the nation. Kashkari expressed further support for Fed Chair Janet Yellen, who has taken a very patient approach with interest rates. Kashkari said that an interest rate hike in June is possible. According to CME FedWatch, the probability of a rate hike is roughly 9%. The markets indicate that there is a 54% chance of a rate hike in December.

It was a great day for healthcare stocks. The sector received a huge boost from Allergan Plc. (NYSE: AGN), which saw gains of 6% on the day. AGN stock received a boost from analysts who projected that the Dublin-based pharmaceutical giant and manufacturer of Botox could see its stock increase by as much as 90% in the year ahead. Shares also rallied on news that Teva Pharmaceutical Industries Ltd. (NYSE: TEVA) plans to close its $40.5 billion purchase of Allergan’s generic drug business next month. It was the best day for biotech stocks since April 21, as the iShares NASDAQ Biotechnology Index ETF (Nasdaq: IBB) gained 2.5%.