US stocks closed higher on Friday in a modest but broad-based advance as Donald Trump was sworn in as US 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.
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In his speech, Trump said US policy will be to buy American and hire American, reiterating what he had said many times during this campaign for the White House.
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. However, the rally in stocks since the November 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. "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.
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.
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