The Dow Jones Industrial Average scored a new record with just slim gains on Friday after another unpredictable day of trading.
The Dow added 0.21%. The Dow had previously enjoyed a record close on Thursday. The S&P 500 slid 0.14%, and the Nasdaq climbed 0.54%.
Banking stocks had lifted the Dow to new records on Thursday as investors bet on reduced regulatory hurdles under a Donald Trump Administration. Financials including JPMorgan Chase (JPM) and Action Alerts PLUS holdings Citigroup (C) and Wells Fargo (WFC) rallied over the past few days, but pulled back on Friday. Banks' business operations were closed on Friday in honor of Veterans' Day, though trading remained open as normal. Investors have stayed busy trying to gauge the types of policies president-elect Donald Trump could enact.
"The Trump news... hit a market that was reasonably solid and bounced," said Brad McMillan, chief investment officer for Commonwealth Financial Network. "You could take this as further evidence of the market's strength given that we just experienced an event that was expected to knock it down 5% to 10%, or even more, and instead it rallied. Clearly, there is solid demand for stocks at this point. Plus, as I continue to write, the fundamentals here in the U.S. remain sound."
Emerging markets continued their selloff on fears over the types of trade deals a Trump Administration could implement. The iShares MSCI Emerging Markets Index ETF (EEM) declined 1.5% on Friday to trade near five-month lows. The ETF has fallen more than 7% since Wednesday morning, though remains up more than 7% for the year to date.