On Wednesday, US Industrial Production and CPI figures were published. Industrial production rebounded in December by posting the strongest advance in two years, though the monthly advance was led by utility output after an unusually warm month. The Federal Reserve said Wednesday that industrial production climbed 0.8% in December, the largest percentage rise since November 2014. The gain follows a steep decline in November, where output fell a revised 0.7%, worse than the previously reported 0.4% decline. Economists polled by MarketWatch had expected a 0.9% rise in December output.

Earlier today US CPI figures were released. The Consumer Price Index for All Urban Consumers (CPI-U) increased 0.3 percent  in December on a seasonally adjusted basis, the U.S. Bureau of Labor Statistics  reported today. Over the last 12 months, the all items index rose 2.1 percent  before seasonal adjustment. Continuing their recent trends, the shelter and gasoline indexes increased in December and were largely responsible for the seasonally adjusted all items  increase. The shelter index rose 0.3 percent in December, while the gasoline  index increased 3.0 percent.

On Thursday, Unemployment Claims, Philly Fed Manufacturing Index, Housing Starts and Building Permits figures were released.  In the week ending January 14, the advance figure for seasonally adjusted initial claims was 234,000, a decrease of 15,000 from the previous week's revised level. The 4-week moving average was 246,750, a decrease of 10,250 from the previous week's revised average. This is the lowest level for this average since November 3, 1973 when it was 244,000There were no special factors impacting this week's initial claims.

Separate report on Philly Fed Manufacturing Index showed that current manufacturing activity in the region increased from a revised reading of 19.7 in December to 23.6 this month. Forty percent of the firms reported increases in activity this month; 17 percent reported decreases. The general activity index has remained positive for six consecutive months, and the activity index reading was the highest since November 2014.

After reporting a steep drop in new U.S. residential construction in the previous month, the Commerce Department released a report on Thursday showing that housing starts showed a significant rebound in the month of December. The Commerce Department said housing starts jumped by 11.3 percent to an annual rate of 1.226 million in December from the revised November rate of 1.102 million. Economists had expected housing starts to rise to an annual rate of 1.200 million from the 1.090 million originally reported for the previous month.

Meanwhile, the report said building permits, an indicator of future housing demand, edged down by 0.2 percent to a rate of 1.210 million in December from 1.212 million in November. Building permits had been expected to rise to 1.230 million from the 1.201 million originally reported for the previous month.

Focus of the Friday's session was on Donald Trump's inauguration and his speech. President Donald Trump laid out a clear vision for the United States in his inaugural address: "Buy American and hire American." He calls it the "America First" doctrine. It's not just a slogan. The new president promises his plans will create 25 million new jobs in the next decade. It would be the most jobs created under any U.S. president ever, topping even the nearly 23 million jobs added under President Bill Clinton during the boom years of the 1990s. "We will bring back our jobs. We will bring back our borders. We will bring back our wealth, and we will bring back our dreams," Trump said. That line generated the most fervent applause. It might as well be called Trump's economic red line.

Trump has tapped into the economic anxiety so many Americans feel. While many acknowledge they are better off than they were in the worst days of the Great Recession -- when 1 in 10 Americans were unemployed, and millions had lost their homes -- too many still do not feel fully recovered. For Trump, no place exemplifies the struggles of Americans than the Rust Belt. He won the election by turning many counties in Wisconsin, Michigan and Pennsylvania -- key manufacturing states -- from blue to red.

This week markets will be looking at:

Existing Home Sales (Tuesday 16:00)

Unemployment Claims (Thursday 14:30)

New Home Sales (Thursday 14:30)

Advanced GDP (Friday 14:30)

Durable Goods Orders (Friday 14:30)

Revised UoM Consumer Sentiment (Friday 16:00)