The S&P 500 ( ^GSPC) jumped over 0.5% to secure its first all-time closing high of 2025. The Dow Jones Industrial Average ( ^DJI) popped around 0.9%, while the Nasdaq Composite ( ^IXIC) recovered from earlier session losses to finish the day up about 0.2%.
On a weekly basis, Wall Street’s main indexes are set for their second straight week of advances, with the blue-chip Dow on track for its biggest weekly jump since October 2022.
Stocks took a step up after Trump said in a virtual address to the World Economic Forum that he would “demand that interest rates drop immediately.”
Stock futures are mixed Thursday morning as investors react to a barrage of earnings reports from major companies and important economic indicators.
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"I'll demand that interest rates drop immediately and likewise they should be dropping all over the world," Trump said to business leaders from around the world. The yield on the 10-year U.S. Treasury note retreated from its intraday high of 4.664% following Trump's comments but closed at 4.648%, up from 4.599% on Wednesday.
The S&P 500 climbed to a fresh record on Thursday, driven by President Donald Trump’s calls for immediate interest rate cuts and cheaper oil prices.
During his speech in World Economic Forum at Davos, Trump urged companies to manufacture their products in the US and vowed to offer tax relief or else face tariffs. In his speech, Trump also revealed his plan to lower interest rates and ask OPEC to lower oil prices.
The S&P 500 jumped 0.5%, notching an all-time closing high. The Dow rallied 0.9%, while the Nasdaq Composite ticked higher by 0.2%. After touching a new intraday high during Thursday's session, the S&P 500 is also on track to close at a record.
The Federal Reserve held interest rates steady at its January meeting following three consecutive rate cuts amid uncertainty over inflation and economic conditions.
The Federal Reserve kept its key interest rate unchanged as officials grappled with uncertainty caused by inflation and President Trump's plans.
Global stock markets rebounded from the previous day's selloff, ahead of major tech earnings and central bank rate decisions. View on euronews