Stocks Closed Higher as Trump Took Office

U.S. stocks closed higher on Friday as Donald Trump was sworn in as the 45th president of the U.S. The Dow Jones Industrial Average gained 94.85 points, or 0.48%, to 19,827.25, falling 0.3% for the week. The S&P 500 rose 7.62 points, or 0.34%, to 2,271.31 for a weekly decline of 0.2%. The Nasdaq Composite advanced 15.25 points, or 0.28%, to 5,555.33, down shed 0.3% on the week.

Oil futures climbed on Friday and for the week, boosted by signs of tighter supply after major oil producers agreed to cut output. February West Texas Intermediate crude rose by $1.05, or 2%, to settle at $52.42 a barrel. March Brent crude advanced by $1.33, or 2.5%, to $55.49 a barrel.

The U.S. Department of Housing and Urban Development on Friday suspended a controversial plan that would have slashed the premium rates for certain federally backed mortgages.

American International Group Inc (AIG.N) has agreed to pay roughly $10.2 billion to Warren Buffett’s Berkshire Hathaway Inc (BRKa.N) to take on many long-term risks on U.S. commercial insurance policies it has already written.

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