US Stocks Climb After Trump's Davos Speech
US stocks ended Thursday in the green, with the S&P 500 (^GSPC) reaching a fresh record close as investors absorbed comments from President Donald Trump at the World Economic Forum in Davos. The broad-based index climbed over 0.5%, notching its first all-time closing high of 2025. The Dow Jones Industrial Average (^DJI) gained around 0.9%, while the Nasdaq Composite (^IXIC) recovered from earlier losses to finish up about 0.2%.
Trump's Remarks Focus on Interest Rates, OPEC, and Tariffs
Investor attention turned to Trump's virtual speech at Davos for insights into his trade policies. The president declared that he would "demand that interest rates drop immediately." He also said he would ask OPEC to reduce oil prices. On the tariff front, Trump issued a warning to companies, stating, "If you don't make your product in America... then very simply, you will have to pay a tariff — differing amounts, but a tariff."
Earnings Roundup and Market Movers
Netflix's (NFLX) earnings announcement set the stage for next week's Big Tech flurry. Other notable earnings on Thursday included:
* UnitedHealth Group (UNH): Announced a promotion within its insurance division.
* American Airlines (AAL): Forecast a surprise loss for the first quarter.
* GE Aerospace (GE): Exceeded revenue and earnings estimates for Q4, announced a $7 billion buyback program.
Among market movers, Electronic Arts (EA) shares plummeted after the company lowered its booking outlook.
Economic Data and Crypto News
Initial jobless claims increased by 6,000 to 223,000 for the week ended January 18, according to official figures.
In the cryptocurrency realm, Bitcoin (BTC-USD) rose after Republican Senator Cynthia Lummis was appointed chair of the Senate Banking Subcommittee on digital assets.
Davos Focus Remains
Attendees at the World Economic Forum in Davos awaited Trump's remote speech, paying close attention to any updates on his trade policy.