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JOHN AUTHERS: The first trading day, and the presidency of Donald Trump is in the books here on Wall Street. Here's the "New York Minute."
It's been a relatively calm day on markets. Bonds did little, and so did the stock market, which is unusual, because the inaugural day can often be a bad one for the stock market. If we take a look at the S&P 500, you can see that it was actually up for the day. Although you can still see a very sharp negative reaction during Mr. Trump's speech, particularly when he made some of his comments about protectionism.
Now if we take a look at the VIX index of volatility, you can see that since it spiked on the Friday before the election, ironically because Donald Trump had a very positive poll number at that point, it has calmed down very significantly. People are still very relaxed about this situation.
Meanwhile, the way to make money between the inauguration and the election was to go long Russia and short Mexico. Betting on the countries that Mr. Trump has said he likes and against those he says he doesn't would have made a lot of money. Now to find out if he governs the same way he's been talking.
And that's the "New York Minute."
