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U.S. stocks close higher with Trump administration underway

Published 01/20/2017, 04:30 PM
Updated 01/20/2017, 04:32 PM
© Reuters.  Stocks gain on Trump's first day

© Reuters. Stocks gain on Trump's first day

Investing.com - U.S. stocks gained on Friday as President Donald Trump took office setting a populist tone on governance, but little in the way of policy direction outside of a repeated commitment to protect jobs at home.

The Dow Jones climbed 94.85 points, or 0.48%, the S&P 500 gained 7.6 points, or 0.34%, while the tech-heavy Nasdaq Composite added 15.25 points, or 0.28%.

Trump's speech focused on themes that echoed the late president Ronald Reagan.

"For too long, a small group in our nation's Capital has reaped the rewards of government while the people have borne the cost," Trump said. "Washington flourished -- but the people did not share in its wealth. Politicians prospered -- but the jobs left, and the factories closed."

"That all changes -- starting right here, and right now, because this moment is your moment: it belongs to you."

Trump takes office ten weeks after shocking the world by winning the U.S. election, sparking an equities rally on hopes for tax cuts and infrastructure spending.

However, so far, Trump failed to offer details on his promises.

Earlier in the trading day, Procter & Gamble (NYSE:PG) posted gains of more than 3% after the firm beat on both the top and bottom line and raised its fiscal year forecast for organic sales growth.

But even though IBM (NYSE:NYSE:IBM) reported its 19th straight quarter of declining revenue, investors appeared to take heart in the positive outlook for its newer segments that allowed it to forecast full-year earnings that beat the Street. Shares were last up 1.8%.

This weekend market participants will also be looking for any clues at a Vieena meeting on Jan. 22 on the landmark agreement among major oil producers to cut production by nearly 1.8 million barrels per day.

Crude oil for February delivery on the New York Mercantile Exchange jumped 2.04% to settle at $52.42 a barrel. On the ICE Futures Exchange in London, Brent oil for March delivery rose 2.46% to settle at $55.49 a barrel.

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