{"id":20002,"date":"2017-01-21T07:33:35","date_gmt":"2017-01-21T07:33:35","guid":{"rendered":"http:\/\/www.biphoo.com\/bipnews\/?p=20002"},"modified":"2017-01-21T07:33:35","modified_gmt":"2017-01-21T07:33:35","slug":"wall-street-ends-higher-trump-becomes-president","status":"publish","type":"post","link":"https:\/\/www.biphoo.com\/bipnews\/business\/wall-street-ends-higher-trump-becomes-president.html","title":{"rendered":"Wall Street ends higher as Trump becomes president"},"content":{"rendered":"
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Wall Street ends higher as Trump becomes president<\/span><\/strong><\/span><\/h2>\n

Wall Street ends higher as Trump becomes president:-<\/strong> U.S. stocks closed higher on Friday in a modest but broad-based advance as Donald Trump was sworn in as U.S. President, marking the first time in more than 50 years that a new commander-in-chief has been welcomed by a rising equity market on his first day in office.<\/span><\/p>\n

In his speech, Trump said U.S. policy will be to buy American and hire American, reiterating what he had said many times during this campaign for the White House.<\/span><\/p>\n

Some investors said the comments reinforced concerns about potential protectionist trade policies. Indexes pared gains during his speech and ended off the highest levels of the day.<\/span><\/p>\n

However, the rally in stocks since the Nov. 8 election had stalled in recent weeks as investors awaited clarity on his plans to boost the economy. All three major indexes ended with losses for the week.<\/span><\/p>\n

“We’re now trading off of reality rather than hope, and it’s natural to be a bit more cautious when we make that transition,” said Brad McMillan, chief investment officer for Commonwealth Financial in Waltham, Massachusetts.<\/span><\/p>\n

The S&P 500’s 6.2-percent gain since the election is one of the best performances for the American stock market for any presidential transition period of the modern era.<\/span><\/p>\n

Former President Barack Obama’s transition period, which came amid the throes of the 2008 financial crisis, overlapped a 15.5 percent fall for the S&P 500 from his election to the day of his 2009 inauguration. Yet he presided over the second-best run for the stock market under any president since Dwight Eisenhower.<\/span><\/p>\n

The Dow Jones Industrial Average .DJI snapped a five-session losing streak, closing up 94.85 points, or 0.48 percent, to 19,827.25. The S&P 500 .SPX gained 7.62 points, or 0.3 percent, to 2,271.31 and the Nasdaq Composite .IXIC added 15.25 points, or 0.28 percent, to 5,555.33.<\/span><\/p>\n

The last time when either the S&P or Dow rose on the day a new president was inaugurated was Jan. 20, 1961, when John F. Kennedy was sworn in to succeed Eisenhower. The S&P gained 0.32 percent and the Dow added 0.31 percent; the Nasdaq did not yet exist.<\/span><\/p>\n

The first day aside, the coming month might not be as rosy. The S&P 500 has fallen by a median 2.7 percent in the month after each new president has taken the keys to the White House since Herbert Hoover in January 1929, according to a Reuters analysis.<\/span><\/p>\n

Trump also loomed on the earnings front. Shares of Kansas City Southern (KSU.N) rose 4 percent even as it reported a lower quarterly net profit that missed Wall Street estimates. A historic drop in the Mexican peso MXN= after Trump’s election affected the regional U.S. railroad’s operations in Mexico.<\/span><\/p>\n

Among other gainers, Merck (MRK.N) rose 3.6 percent to $62.53 after Bristol-Myers (BMY.N) said it would not seek accelerated U.S. approval for a combination of its two immunotherapy drugs as an initial treatment for lung cancer, giving Merck an advantage in the lucrative market. Bristol-Myers’ stock fell 11.3 percent.<\/span><\/p>\n

About 6.6 billion shares changed hands on U.S. exchanges, higher than the 6.1 billion daily average for the past 20 trading days, according to Thomson Reuters data.<\/span><\/p>\n

Advancing issues outnumbered declining ones on the NYSE by a 1.76-to-1 ratio; on Nasdaq, a 1.58-to-1 ratio favored advancers.<\/span><\/p>\n

The S&P 500 posted 19 new 52-week highs and seven new lows; the Nasdaq Composite recorded 85 new highs and 33 new lows.<\/span><\/p>\n

Source:-\u00a0http:\/\/www.reuters.com\/article\/us-usa-stocks-idUSKBN1541O1<\/span><\/div>\n

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