Trump's policies are top of mind for investors heading into 2025, with tariffs and an immigration crackdown seens as potential headwinds for the economy.

While campaigning for a second term in office, President-elect Donald Trump declared “tariff” to be his “favorite word” and “the most beautiful word in the dictionary.” He regularly said he would use tariffs to raise federal revenue and increase jobs and manufacturing in the United States.

The election of former President Donald Trump, who will assume control of the White House in January, has left many wondering if another stimulus check could be on the way, with Trump having issued two during his first stint in office.

The Vanguard Mid-Cap Growth ETF was rising 0.6% on Friday morning at $266.77, putting the fund on pace to potentially book its first record close since November 2021, according to Dow Jones Market Data.

Stocks closed higher on Wall Street, giving the market its fifth gain in a row and notching another record high for the Dow Jones Industrial Average.

Earnings season mostly wrapped up this week, capped off by Nvidia's results. The dollar, meanwhile, continued to rise, hitting its highest level since 2022.