US stocks finished in the green on Friday after Donald Trump was inaugurated as the 45th president of the United States.
Still, after the president took the oath of office in Washington, D.C., the Dow sank by as much as 70 points. The S&P 500 and Nasdaq also started sliding as Trump began his speech.
Meanwhile, the Mexican peso surged.
First up, the scoreboard:
- Dow: 19,808.56, +76.16, (+0.39%)
- S&P 500: 2,269.10, +5.54, (+0.25%)
- Nasdaq: 5,548.54, +8.42, (+0.15%)
- US 10-year yield: 2.470%, +0.010
- WTI Crude: $53.16, +1.04, (+2.00%)
1. Donald Trump was inaugurated as the 45th president of the United States. “Today we are not merely transferring power from one administration to another, or from one party to another, but we are transferring power from Washington, DC, and giving it back to you, the people,” he said in his speech. “From this day forward, it’s going to be only America first.”
2. Trump vows to “crack down” on anyone who violates trade agreements. “This strategy starts by withdrawing from the Trans-Pacific Partnership and making certain that any new trade deals are in the interests of American workers,” the Trump administration wrote in a statement on the White House website.
3. Morgan Stanley and Citi have decided which jobs will be moved out of London. Morgan Stanley will have to move up to 1,000 jobs in sales and trading, risk management, legal and compliance, while Citigroup, which already has a large banking unit in Dublin, will need to shift 100 positions in its sales and trading business.
4. There’s one business on Wall Street that has suddenly “become a lot more interesting.” From JPMorgan to Morgan Stanley, Goldman Sachs to Citigroup, executives highlighted their macro trading businesses, the units that help clients bet on moves in interest rates and in the foreign exchange market — the financial instruments most sensitive to shifting political winds and economic uncertainty.
5. The stock market usually tumbles in the year after a Republican president is sworn in. The median S&P 500 performance for both parties one year after inauguration is 7.6%. It’s -7% for Republican presidents, and 14.7% for Democratic presidents, according to the data provider Alpha Hat.
6. US oil rig count spikes by the most in nearly 4 years. The rig count rose by 29 to 551 this week, while the active number of gas rigs rose by six to 142, according to Baker Hughes.
NOW WATCH: Money & Markets videos
Business Insider Emails & Alerts
Site highlights each day to your inbox.