"From this day forward it is going to be only America first," Trump said after being sworn in, adding that the U.S. policy will be to buy American and hire American. Trump's campaign promises of tax and regulatory reforms and higher infrastructure spending had driven Wall Street to new highs in a post-election rally.

Wall Street pared gains sharply on Friday after Donald Trump made his inaugural speech as the 45th president of the United States. However, the Trump trade had been unraveling in recent weeks as investors waited for more clarity on his plans to boost the economy.

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