Looking ahead, some analysts think the stock market will keep soaring as Trump pushes for deregulation and tax cuts during his second term. For instance, while on the campaign trail, he proposed lowering the corporate tax rate to 15% for domestic manufacturers. That could boost net profit margins and send the stock market higher.

That marked its best weekly gain since a 4.7 per cent rise in the five sessions to November 8, when Trump’s election win raised hopes that tax cuts and deregulation under the incoming administration would boost corporate America.