NEW YORK: US stocks have closed higher in a modest but broad-based advance as Donald Trump was sworn in as the 45th 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.
In his speech, Trump said US policy will be to buy and hire American, reiterating what he said many times during his White House campaign.
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-per cent gain since the election is one of the best performances for the American stock market for any presidential transition period of the modern era.
The Dow Jones Industrial Average snapped a five-session losing streak, closing up 0.48 per cent to 19,827.25. The S&P 500 gained 0.3 per cent to 2,271.31 and the Nasdaq Composite added 0.28 per cent to 5,555.33.
LONDON: European stocks opened weaker before recouping some losses. Trading was choppy with mining shares, the biggest beneficiaries of the reflation rally spurred by Trump's election win, the biggest drag on the indexes.
Europe's benchmark index was poised for its worst week since before Trump's election win last November.
Caution prevailed across asset classes, with borrowing costs in the euro area pulling further away from one-month highs on Friday while appetite for safe-haven debt underpinned Bunds.
Germany's DAX rose 0.29 per cent to 11,630.13 and France's CAC 40 Index lifted 0.60 per cent to 4,764.07.
But, London's FTSE 100 lost 0.14 per cent to close at 7,198.44.
TOKYO: Hong Kong stocks ended a thinly-traded week down and snapped three weeks of gains, with investors wary ahead of Donald Trump's inauguration.
The benchmark Hang Seng index fell 0.7 per cent, to 22,885.91 points at the close, while the China Enterprises Index lost 0.8 per cent, to 9,715.72 points.
But mainland China's Shanghai Composite Index gained 0.70 per cent to close at 3,123.14.
"The key risk is Trump's trade policy. The external risk of China is obviously heightened, at the same time how Fed will move policy rates in the US," said Raymond Yeung, chief economist of Greater China for ANZ in Hong Kong.
Japan's Nikkei 225 rose 0.34 per cent to 19,137.91.
WELLINGTON: The S&P/NZX 50 index declined 13.88 points, or 0.2 per cent, to 7048.48.