"That's something that Nazi Germany would have done," he said.
He was replying to unsubstantiated allegations that his election team colluded with Russia and there were salacious videos of his private life.
Intelligence agencies considered the claims relevant enough to brief both Mr Trump and President Obama last week.
Mr Trump also said for the first time that he accepted Russia was behind hacking attacks that took place during the presidential campaign.
In his first briefing as president-elect, Mr Trump also confirmed he was handing total control of his businesses to his two sons.
The press conference was scheduled in order for Mr Trump to give details about his business affairs but was dominated by the allegations of compromising material.
Mr Trump said the information "should have never been written and certainly should never have been released".
"It's all fake news, it's phoney stuff, it didn't happen," he said, adding that "sick people" had "put that crap together... it's an absolute disgrace".
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