Since Trump's victory, investors have been quickly reallocating assets, increasing exposure to financials and industrials, while lowering positions in sectors like utilities, real estate and consumer staples.
As of Friday's close, financials and industrials had gained 11.33 percent and 7.96 percent, respectively, while utilities, consumer staples and real estate were down 4.08 percent, 2.13 percent and 1.47 percent, respectively.
"Now that we've had a chance to consider it, ... I think people will see considerable economic growth and people will forget about" the election, said Maris Ogg, president at Tower Bridge Advisors. "What I worry about is the Republicans getting too cocky and try to ram through stuff without the Democrats. If they're smart, they'll try to do it in a bipartisan way."
Sharp moves were also seen in the U.S. Treasury market following Trump's win, with the benchmark 10-year yield breaking above 2 percent. The U.S. bond market was closed on Friday due to Veterans Day.
The dollar, meanwhile, surged against a number of Emerging Market currencies, especially the Mexican peso. Since Tuesday, the peso has fallen 11.53 percent against the U.S. currency, according to FactSet. The Brazilian real, another closely watched EM currency, has dropped about 6.86 percent. EM currencies in Asia weren't spared, either, with the Malaysian ringgit and the Chinese yuan also falling.
"While the declines seen in Asian currencies are being linked to the impact of trade throughout the continent if Donald Trump enforces protectionist trade policies, the return of expectations that the Federal Reserve will still raise US interest rates in December is strengthening the Dollar and also pressuring the emerging market currencies," Jameel Ahmad, vice president of market research at FXTM, said in a note.
"If the Federal Reserve do not raise US interest rates in December as they have been preparing the markets towards for months following such a spectacular rebound in stocks after the victory by Trump, it will raise questions over credibility and concerns that they are worried about Donald Trump taking over office in January," he said.
The Fed is largely expected to raise rates next month, according to the CME Group's FedWatch tool, which said market expectations for higher rates were around 76 percent.
Before the bell, Fed Vice Chairman Stanley Fischer said the case for removing accommodation is "quite strong" while interest rates will plateau at a level that is lower than normal. He added that He expects U.S. rates to rise gradually, and said the Fed is close to achieving its dual mandate. The Fed's goal is to return to 2 percent longer-run inflation and to maximize employment.
In economic news, consumer sentiment for November came in at its highest level since June.
Overseas, European equities traded slightly lower, with the pan-European Stoxx 600 index slipping 0.41 percent. In Asia, stocks closed mostly lower, with the Nikkei 225 gaining 0.18 percent and the Korean Kospi falling 0.91 percent.