Markets
GE

Close Update: Wall Street Holds on to Gains After Trump's Inauguration

Wall Street pared gains but stayed in the green by the close on Friday after Donald Trump was sworn in as US president and took a tone seen as populist and protectionist in his inaugural address.

The Dow Jones Industrial Average gained for the first time in six days with 23 of the 30 blue chip components advancing. On the S&P 500, nine of the 11 sectors rose, with a 0.8% increase in materials and a 0.7% rise in telecommunications services leading the way. Oil futures added support, with benchmark US prices up about 2% late in the day ahead of a meeting of top producing nations next week.

But the day belonged to Republican Trump, whose surprise victory in November propelled rallies to record highs in the benchmarks on hopes of corporate tax cuts, infrastructure spending and policies that bolster economic growth.

In his speech Friday, the businessman promised to put "America First" and protect the country's borders "from the ravages of other countries making our products, stealing our companies, and destroying our jobs."

In earnings, Procter & Gamble ( PG ) gained 3.2% after quarterly earnings came in just above Street estimates. General Electric ( GE ) fell 2.2% after fourth-quarter profit came in lower than a year earlier although it was in line with analysts' forecast, while revenue missed estimates.

Monday's calendar has McDonald's ( MCD ) and Yahoo! ( YHOO ) among several others, while the economic agenda is bare.

Here's where the markets stood by the close:

US MARKETS

Dow Jones Industrial Average was up 94.85 points (+0.48%)

S&P 500 was up 7.62 points (+0.34%)

Nasdaq Composite Index was up 15.25 points (+0.28%)

GLOBAL SENTIMENT

FTSE 100 was down 0.14%

Nikkei 225 was up 0.34%

Hang Seng Index was down 0.71%

Shanghai China Composite Index was up 0.7%%

UPSIDE MOVERS

(+) SWKS (+13%) Reported better-than-expected Q1 results

(+) WLKP (+10%) Receives favorable IRS and Treasury Department ruling allowing business to be treated as a partnership for tax purposes

(+) JWN (+4%) Nordstrom cardholders will earn points toward Nordstrom Notes when they use credit and debit cards at Trunk Club

(+) IBM (+2.24%) Q4 results top analyst estimates

DOWNSIDE MOVERS

(-) PSTI (-17.9%) Priced increased public offering at 13% discount

(-) URRE (-12.7%) Closes $9.7 million offering of common stock and warrants

(-) BMY (-11.3%) Will not pursue accelerated regulatory pathway for Opdivo-Yervoy combination

(-) KOOL (-8.9%) Group of shareholders selling up to 950,000 shares

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Copyright (C) 2016 MTNewswires.com. All rights reserved. Unauthorized reproduction is strictly prohibited.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

In This Story

GE MCD PG

Other Topics

Stocks