Wall Street Rises After Trump’s Davos Speech; S&P 500 Hits Record High
All sectors of the S&P 500 posted gains today, led by healthcare, while the technology sector recorded the smallest advance.
The three major Wall Street indices closed with gains on Thursday. U.S. stock averages rose in a session marked by President Donald Trump’s speech and a new record for the S&P 500.
The Dow Jones Industrial Average, composed of 30 major industrial stocks, gained 0.92% to 44,565.07 points, while the SPX 500, representing the most valuable companies, advanced 0.53% to 6,118.71 points, and the Nasdaq Composite rose 0.22% to 20,053.68.
Trump Speech Impact
Trump stated at the World Economic Forum in Davos that companies should manufacture their products in the U.S. to avoid tariffs. However, he did not provide specific details about his controversial tariff plans.
Other key points from his Davos speech included his demand for immediate interest rate cuts, despite lacking the authority to enforce them, and his call on Saudi Arabia, OPEC, and OPEC+ partners to lower oil prices.
MacroEconomic Data and Sector Returns
In economic data, the number of people applying for unemployment benefits in the U.S. stood at 223,000 last week, according to the Department of Labor. Economists polled by Reuters had forecasted a figure of 220,000.
All sectors of the S&P 500 saw gains today, led by healthcare (1.35%), while technology posted the smallest advance. Within the Dow Jones, Caterpillar (2.2%), Boeing (2.1%), and Disney (2%) led the gains.
ABOUT THE AUTHOR
See More
Join 350 000+ traders receiving Free Trading Signals
Alerts
Rates
Calendar
Signals
Top Broker