US Stocks Close in the Green Amid Trump's Davos Speech
Wall Street witnessed a positive trading day on Thursday, with the S&P 500 (^GSPC) hitting a fresh record close as investors eagerly anticipated remarks from President Donald Trump at the World Economic Forum in Davos. The broad-based index ended the day 0.53% higher, securing its first-ever all-time closing high of 2025. The Dow Jones Industrial Average (^DJI) rose by approximately 0.92%, while the Nasdaq Composite (^IXIC) recovered from earlier losses to close up by about 0.22%.
Investors Analyze Trump's Davos Address
The focus shifted to Trump's virtual speech at Davos, where he provided insights into his trade policy. The president declared that he would "demand that interest rates drop immediately." He also indicated that he would request OPEC to lower oil prices. Regarding tariffs, Trump cautioned companies that "If you don't make your product in America, which is your prerogative, then very simply you will have to pay a tariff — differing amounts, but a tariff."
Tech Stocks See Growth After Netflix's Lead
Investors continue to analyze the policy initiatives announced by Trump in the early days of his new term. His emphasis on artificial intelligence stimulated tech companies but left unclear when the proposed tariffs on major trading partners—a potential risk for inflation and stocks—might be implemented.
Meanwhile, investors remain focused on earnings after Netflix (NFLX) set the stage for the upcoming flurry of results from Big Tech companies next week.
Jobless Claims Increase Slightly
On the data front, official figures released on Thursday showed that US jobless claims increased by 6,000 to 223,000. Economists had predicted a reading of 220,000 for the week.