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Wall Street slipped back as cautious investors look ahead to today’s inauguration of Donald Trump as President (click for more)

The dollar and US Treasury yields gained but equity investors were wary as they waited to see if Mr Trump acts on pro-business promises such as tax cuts, fiscal stimulus and lighter regulation.

His pledges have sent the S&P 500 up 5.8% since his election victory on 8 November.

The Dow Jones Industrial Average closed down 72.32 points, or 0.37% at 19,732.4, the S&P 500 lost 8.2 points, or 0.36% to close at 2,263.69 and the Nasdaq Composite fell 15.57 points, or 0.28% to end the session at 5,540.08.

Trading in European equities was volatile after European Central Bank President Mario Draghi said interest rates would stay at current or lower levels for an extended period and it would increase bond purchases if the outlook worsens.

Investors were divided on the direction of the markets, with some prepared to bet on continuing “Trumpflation” – a combination of faster economic growth and inflation – driving up prices.




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