US stocks trade mixed

New York, Nov 15 (IANS) US stocks traded in a narrow range as investors continued to digest the outcome of the country’s presidential election.

The Dow Jones Industrial Average on Monday gained 28.53 points, or 0.15 per cent, to 18,876.19, Xinhua news agency reported.

The S&P 500 lost 1.16 points, or 0.05 per cent, to 2,163.29. The Nasdaq Composite Index shed 15.29 points, or 0.29 per cent, to 5,221.82.

US financial markets witnessed wild swings after US Republican candidate Donald Trump won the country’s presidential election, but then stabilized and regained momentum.

For the last week, US stocks posed best weekly gains of the year, with the Dow marking its best weekly performance since December 2011.

“Investors were quite comfortable they understood the interest rate environment before the election, but will take a few months to find their way now,” said Chris Low, chief economist at FTN Financial, on Monday.

Analysts believed that the increased prospect of tax cuts and a generally pro-growth set of policies from Trump, aided and abetted by the Republican clean sweep of Congress, are bullish for the stock market.

His win also puts into question the likelihood of a Federal Reserve rate hike.

There are no major economic data due Monday.

All three major indices rallied last week, with the Dow, the S&P 500 and the Nasdaq soaring 5.4 per cent, 3.8 percent and 3.8 per cent, respectively.