Dow futures rise 100 points on Trump inauguration day with regular trading closed

U.S. stock market futures rose amid the inauguration of Donald Trump as investors bet a series of immediate actions by the incoming president would boost the economy, especially in areas like the banking and energy sectors.

Traders were also likely encouraged by news that Trump wouldn’t immediately install new tariffs on day one.

Dow Jones Industrial average futures gained 122 points, or 0.3%. S&P 500 futures added 0.3%. Nasdaq-100 futures rose 0.4%.

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

Bitcoin jumped to a new record above $109,000 on Monday.

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

There will be a flurry of executive actions unveiled Monday for investors to evaluate regarding their impact on the economy. A trade memorandum from the new administration that’s expected will not impose tariffs yet. The memo will ask for investigations of China, Canada and Mexico for unfair trade practices and currency policies.

Elsewhere, the President-elect will declare a national energy emergency, according to an incoming White House official, with the goal of lowering high costs. It will expand the president’s legal options for allowing drilling in Alaska and other areas.

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

Druckenmiller, considered one of the best ever hedge fund managers, did have some caution on the overall market because of rising interest rates.

Trump will be sworn in at noon ET Monday.