Saturday, 21 January 2017

Wall St. off day's best levels after Trump inaugural speech

U.S. stocks were up but off their best levels of the session on Friday afternoon as Donald Trump's inaugural speech as U.S. President reinforced worries for some investors about future trade policies. In his speech, Trump said U.S. policy will be to buy American and hire American. Stocks cut gains during the speech, and some strategists said the comments fuelled investor concerns about potential protectionist trade policies under Trump, while others said the move in stocks was part of a trend to "buy the election and sell the inauguration." 

The rally in stocks since the election has stalled in recent weeks as investors waited for more clarity on his plans to boost the economy. Still, Trump's transition marks one of the best performances for the American stock market for any presidential transition period of the modern era.

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