Losing streak for Dow comes to an end

Associated Press

Materials companies led U.S. stocks modestly higher Friday, recouping much of the market’s loss from a day earlier and snapping a 5-day losing streak for the Dow Jones industrial average.

Another crop of encouraging company earnings news helped lift the market, but investors were mostly focused on events in Washington as Donald Trump was sworn in as the 45th president of the United States.

The major stock indexes pulled back slightly as Trump delivered remarks after taking the oath of office. Among topics of particular interest to Wall Street, the speech touched on trade and the Trump administration’s intention of protecting the U.S. from “the ravages of other countries making our products, stealing our companies and destroying our jobs.”

“The market is still embracing the Trump agenda, based on the market’s reaction to the speech,” said Quincy Krosby, market strategist at Prudential Financial. “Now the question the market has is, specifically, what does all of that mean in terms of trade?”

Despite Friday’s gains, the three major stock indexes ended the week lower.

Stocks have slowed in 2017 after surging for several weeks following Election Day on investor optimism that a Trump administration and Republican Congress would usher in business-friendly policies. But the possibility of increased tariffs or trade restrictions has also loomed as a potential drag in profits for big U.S. companies.

“Historically, the market has performed best in the November-April time frame,” said Sam Stovall, chief investment strategist at CFRA Research.

Benchmark U.S. crude rose $1.05, or 2 percent, to close at $52.42 a barrel in New York. Brent crude, used to price international oils, added $1.33, or 2.5 percent, to close at $55.49 a barrel in London.

Bond prices were little changed. The yield on the 10-year Treasury note held steady at 2.47 percent.