Investing.com - The major market indexes were up today, primarily on news that President-elect Donald Trump was turning over his private business operations to his two eldest sons, rather than taking them public, on the NYSE or Nasdaq, as a way to minimize any conflict of interest problems while he is in office.
The Dow settled at 19954.29, up 98.75 points.
The Nasdaq closed at 5563.65, up 11.83 points today.
The S&P 500 closed at 2275.32, up 6.42 points on Wednesday.
The markets dipped during intraday trading, on the president-elect's comments on drug pricing, as drug company and health care company shares slumped.
During a news conference in New York City at Trump Tower, the President-elect, and Trump's private lawyer, from a major law firm in Washington D.C., discussed the management strategy for his financial assets during the next four-to-eight years.
Trump noted that under U.S. law, he technically cannot commit a financial conflict of interest himself, as he is exempt from the law.
The attorney confirmed that, and added that many political foes in the press and elsewhere in the liberal establishment have tried to claim that Trump would receive a benefit every time a foreign government official stayed at one of his hotels in D.C., New York, or elsewhere. This was incorrect, she said, but in order to deflate the false allegation, Trump would, until the end of his time in office, donate all the proceeds from hotel stays at Trump properties rented by foreign government officials to the U.S. Treasury.
Trump and team presented several hundred folders of signed documents in which the President-elect turned over control of the business empire to Eric Trump and Donald J. Trump Jr., his older sons. His youngest son, Barron, is still a child, and his daughter Ivanka, is moving to D.C., and will serve as the First Daughter, and trade off hostess duties for social events, with Melania Trump, the First Lady.