By Ovunc Kutlu
NEW YORK (AA) – Wall Street closed higher Friday after indexes recovered from losses during President Donald Trump’s inaugural speech.
Trump’s reference to protectionism seemed to spook investors.
“We must protect our borders from the ravages of other countries, making our products, stealing our companies, and destroying our jobs,” Trump said as he renewed worries about his economic proposals to impose tariffs on Mexico and China — two of the U.S.’s biggest trading partners.
Indexes, however, managed to claw back losses and ended the day with gains, thanks to a rise in crude oil prices.
The Dow added 94 points to close at 19,827, snapping its five-day losing streak. The S&P rose seven points to 2,271 and the Nasdaq increased 15 points to finish the day at 5,555.
The Dow and the Nasdaq, however, each posted a 0.3 percent loss for the week, while the S&P fell 0.2 percent.
At the final bell, U.S. benchmark crude was up 2 percent to $53.17 per barrel, while the international benchmark added 2.2 percent to $55.43.
