However, market gains began to falter and switch into a tighter range, like previous sessions, as traders wait on Trump to provide greater clarity on policies., such as one on Thursday to bring millions of jobs back to the U.S.

“There is an expectation that the tax cuts promised by the new administration may not be as large or as early as expected,” Mohannad Aama, managing director at Beam Capital Management, told Reuters. “Investors had priced in the most rosy outlook for the market under the Trump administrations and now their reality is slowly changing as they realize a lot of the new policies will take time and maybe the market has run up too fast too soon.”

U.S. Treasury Secretary Steven Mnuchin also warned that any policy changes would likely only have a limited impact this year.

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