The S&P 500 rose to record highs again on Thursday after President Donald Trump called for lower interest rates and lower oil prices.
The broad market index added 0.5%, posting an all-time intraday high for the second session in a row. The Dow Jones industrial average advanced 408 points, or 0.9%, for the fourth day in a row. The Nasdaq Composite advanced 0.2%.
Stocks rose modestly after Trump said in a virtual address to the World Economic Forum on Thursday that he would “demand that interest rates come down immediately.” The president also said he would ask Saudi Arabia to lower the price of oil, which has pushed crude oil into the red, SEEbiz reports. Short-term Treasury yields fell after Trump’s comments.
The stock market got a boost this week on excitement over possible tax cuts and deregulation under President Donald Trump, as well as signs of resilient economic growth. While the tariffs remain excessive, investors have been pleased by the lack of official action on the tariffs during Trump’s first days in the White House.
“He really can’t control interest rates, but the market likes to hear things like that,” said Larry Tentarelli, chief technical strategist at the Blue Chip Daily Trend Report. “So far, the market seems to like what Trump’s policies are going to be, so we’ll just have to see if anything continues.”
The fourth quarter earnings season is also off to a good start, with Netflix and major banks offering positive reports. But American Airlines poured some cold water on that enthusiasm, with shares falling more than 8% on Thursday after the company released weak guidance.
