US Stocks Close Higher After Trump's Speech at Davos
US stocks closed in the green on Thursday, with the S&P 500 (^GSPC) hitting a fresh record close. Investors digested remarks from President Donald Trump, who addressed the World Economic Forum in Davos, Switzerland.
Major Market Indices:
* S&P 500 (^GSPC): +0.53%
* Dow Jones Industrial Average (^DJI): +0.92%
* Nasdaq Composite (^IXIC): +0.22%
Key Takeaways from Trump's Speech:
* He will "demand that interest rates drop immediately."
* He will ask OPEC to lower the price of oil.
* He warned companies that if they don't manufacture in the US, they will have to pay a tariff.
Other Notable Developments:
* Nvidia (NVDA) shares remained flat after its supplier, SK Hynix, expressed uncertainty about chip demand this year.
* UnitedHealth Group (UNH) announced the promotion of Tim Noel to lead its broader insurance division, following the murder of previous executive Brian Thompson.
* President Trump confronted Bank of America (BAC) CEO Brian Moynihan over allegations that conservative customers are being de-banked.
* CNN is laying off 6% of its workforce (200 staffers) to transform its newsroom into a digital-first operation.
* Electronic Arts (EA) stock plummeted over 15% after it reported lower quarterly bookings.
* GE Aerospace (GE) shares jumped 7% after exceeding fourth quarter estimates and announcing a $7 billion stock buyback program.
* American Airlines (AAL) tumbled after forecasting an unexpected loss for the first quarter.
Economic Data:
* Jobless claims increased by 6,000 to 223,000 in the week ended January 23.