The oldest benchmark in Wall Street felt like the losses have been too much.
Dow Jones has finally put a period from its longest losing streak since early November 2016 as the index returned to the positive territory on Friday to scratch its five-day slump recorded last week amid the much-awaited inauguration of President-elect Donald J. Trump.
Timely Recovery
The blue chip Dow Jones industrial averaged just recovered just in time from its week long collapse after it added 94.85, or 0.5%, to settle at 19827.25, up from its 19732 Thursday close, and a slight creep towards its quest to touch the psychological 20000 level.
The Dow Jones heavily relied on the modest of gains of materials companies as the Procter & Gamble tallied 3.2% gain after the consumer goods firm anticipated a robust growth forecast while the Merck and IBM also giving the index enough lift, as the billionaire tycoon sworn in to become the 45th President of the United States.
Stocks in Wall Street have surged sharply after the victory of Trump over Dominican nominee Hillary Clinton in the November 8 elections, with the Dow logging 21 record highs in 26 sessions, but have eased in the beginning of 2017 as investors showed some nerves on the upcoming Trump policies on economy and trade where lower taxes and lesser regulations on US businesses are expected.
Despite the bounce by the stock market in Wall Street, indices remained lower for week as the Dow Jones, together with NASADQ, finished off 0.3% down while the S&P 500 shed 0.2%.