US market surged on January 21, giving thumbs-up to Donald Trump's policies that were announced during his inaugural speech. Wallstreet is opening after a three-days holiday period due to weekend and Martin Luther King Jr Day. On Tuesday, US stock futures and dollar surged. A similar trend was seen in indices as well. Dow Jones outperformed its counterparts S&P 500 and Nasdaq Composite.
US Market On January 21:
Dow Jones: The Dow Jones Industrial Average or DJIA surged by as much as 347.04 points to hit an intraday high of 43,834.87, compared to last week's closing price of 43,487.83. Currently, the Dow traded at 43,827.92, higher by 340.09 points or 0.8%, also near its day's high.
S&P 500: The Standard and Poor's 500 indexes climbed by at least 0.5% and touched an intraday high of 6,036.57, which was closer to its all-time high of 6,099.97. Currently, the index traded at 6,018.35, higher by 20.74 points or 0.4%. Last week, on Friday, the index stood at 5,996.66.
Nasdaq Composite: The tech-heavy index climbed by nearly 0.6% or 112 points to hit an intraday high of 19,741.91, which was better compared to last week's closing price of 19,630.20. The benchmark traded currently at 19,647.48, marginally higher.
Talking about the latest performance, Trading Economics data said, the US stocks were higher on Tuesday, with both the S&P 500 and the Nasdaq rising 0.5% and the Dow Jones gaining about points 170 points as traders prepared for Donald Trump's second administration. On his first day in office yesterday, Trump took several steps to advance his agenda but refrained from immediately imposing tariffs, as many had anticipated.
However, the data added that Trump has later indicated plans to introduce a 25% levy on Mexico and Canada while avoiding mention of China. Traders are now shifting their focus to growth prospects under the new administration and corporate earnings reports from major companies. Charles Schwab (5%) and Prologis (1.6%) beat on both earnings and revenue and earnings from 3M (6.4%) topped forecasts and the company's guidance was close to expectations. Netflix is also due to report today after the closing bell.
After Trump's inauguration, tech stocks like Alphabet, Nvidia, Amazon, and Broadcom surged by 1% to 2%.
Donald Trump was sworn as the 47th US President of the world's greatest economy. During his speech, Trump assures American citizens to restore the country's sovereignty and to make it even stronger, greater and exceptional than before. He confidently said, "America's decline is over" while taking a jibe of the previous Joe Biden administration. Trump's inauguration ceremony takes place on January 20, which will also include the oath ceremony of his administration starting with vice-president Vance.
In his opening speech, Trump said the 'Golden age of America' begins right now! Trump said the country's sovereignty will be reclaimed, and its people's safety will be restored. He said, the scales of justice will be rebalanced. He spoke to the crowd, that his administration's top priority would be to create a nation that is proud, prosperous and free. Trump further added that America will soon be greater, stronger and far more exceptional than before. He is confident and optimistic about this.
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