US Stocks Edge Higher as Investors Track Trump's Davos Remarks
US stocks closed in the green on Thursday with the S&P 500 (GSPC) securing a fresh record close. Investors remained attentive to remarks from President Donald Trump at the World Economic Forum in Davos.
The broad-based S&P 500 gained over 0.5%, marking its first all-time closing high of 2025. The Dow Jones Industrial Average (DJI) rose approximately 0.9%, while the Nasdaq Composite (IXIC) recovered from earlier losses to move up 0.2%.
Trump's Focus on Trade
Investors focused on Trump's virtual speech at the World Economic Forum for insights into his trade policies. The president expressed his intention to "demand that interest rates drop immediately" and ask OPEC to lower oil prices. He also issued a warning to companies, stating that they would have to pay tariffs if they did not manufacture their products in America.
Earnings and Economic Data
Investors continued to digest earnings reports after Netflix (NFLX) set the stage for upcoming announcements from Big Tech giants. On the data front, US jobless claims increased by 6,000 to 223,000 for the week ended January 18th, according to official figures released Thursday. Economists had anticipated a reading of 220,000.
Other Notable News
* UnitedHealth Group (UNH) announced the promotion of its Medicare health plan head to the top insurance role.
* President Trump confronted Bank of America (BAC) and JPMorgan Chase (JPM) CEOs about allegations of bias against conservatives.
* CNN laid off 6% of its workforce as part of its digital transformation.
* Electronic Arts (EA) reported weaker-than-expected quarterly bookings, causing its stock to plunge.
* GE Aerospace (GE) shares surged as the company exceeded revenue and earnings estimates and announced a $7 billion stock buyback program.
* American Airlines (AAL) stock fell after the airline forecasted a surprise loss for the first quarter.