Wall Street saw a strong preference for small and mid-cap equities, with the Russell 2000 index leading the market as investors bet on more domestic-friendly policies following Donald Trump‘s inauguration on Jan. 20 as the 47th U.S. president.
The Russell 2000 rallied 1.7%, while other large-cap indices trailed behind. The Dow Jones, composed of non-tech blue-chip companies, rose by 1.2%, while both the S&P 500 and the Nasdaq 100 edged up 0.9%.
Most sectors traded higher, except for energy. The announcement of a national energy emergency raised concerns about a fossil fuel oversupply, sending oil prices down more than 2%. WTI crude dropped to $72.10 per barrel.
In the Treasury market, yields fell as investors appeared convinced by Trump’s pledges on inflation control and lower federal spending. The 10-year Treasury yield declined by five basis points to 4.58%.
One of the session’s most notable moves came …
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