U.S. stocks closed higher on Friday in a modest, but broad-based advance as Donald Trump was sworn in as U.S. President. Bobbi Rebell reports.
The very first day of trading with Donald Trump as President of the United States was a winning one. The three major indexes all closed out Friday's trading session with gains. For the week, though the major US indexes closed lower. Trump's campaign promises of tax and regulatory reforms and higher infrastructure spending had driven Wall Street to multiple highs post-election. However, the Trump trade had been unraveling in recent weeks as investors wait to see how he will carry out his ambitious plans. Jeff Tomasulo of Vespula Capital: SOUNDBITE: JEFF TOMASULO, CEO, VESPULA CAPITAL, (ENGLISH) SAYING: "I think we are going to have a lot of question marks going forward and I think the next 100 days are key because we have a lot of promises, and you heard it in his speech today. He is very polarizing, so when he starts to try to pass these policies of tax reform, of infrastructure projects, you are going to see some fight back. That fight back is going to create volatility in the market. " Merck stock rose, and Bristol-Myers stock fell, after Bristol-Myers 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. European shares closed out the week with a mixed session for the major country indexes.