stock futures rise Trump was sworn in on Monday

U.S. stock market futures rose after Donald Trump was sworn in for a second term as U.S. president, as investors bet that a series of immediate actions by him would boost the economy, particularly in areas such as banking and the energy sector.

Traders were also likely encouraged by news that Trump would not immediately install new tariffs on day one.

Dow Jones Industrial average futures obtained 166 points, or 0.4%. S&P 500 futures added 0.4%. Nasdaq-100 futures rose 0.6 per cent.

Regular trading on the New York Stock Exchange and Nasdaq was closed for the Martin Luther King Day holiday, but futures trading was limited.

Bitcoin jumped to a new record above $109,000 on Monday before rolling over and trading lower.

“I’ve been doing this for 49 years, and we’re probably going from the most anti-business administration to the opposite,” Stanley Druckenmiller, chairman and CEO of the Duquesne Family Office, said in an interview during CNBC’s special inauguration coverage. “CEOs are somewhere between relieved and giddy … we believe in animal spirits.”

A flurry of executive actions will be unveiled on Monday that investors can evaluate in terms of their impact on the economy. A trade memorandum from the new administration that is expected will not impose tariffs yet. The memo will call for investigations into China, Canada and Mexico for unfair trade practices and currency policies.

Trump said during his inaugural address that he would overhaul the trade system so that “instead of taxing our citizens to enrich other countries, we will tariff and tax foreign countries to enrich our citizens.”

Elsewhere, Trump was set to declare a national energy emergency with the goal of lowering high costs. It would expand the president’s legal options to allow drilling in Alaska and other areas.

Other executive actions coming Monday are likely to address business deregulation and immigration restrictions.

Druckenmiller, considered one of the best hedge fund managers of all time, had some caution on the overall market due to rising interest rates.