S&P 500 Renews Record High
US stocks closed higher on Thursday, with the S&P 500 reaching a new record high, surpassing the 6,100 threshold, Dow gaining over 400 points, and the Nasdaq 100 edged 0.3% higher.
Investor sentiment was lifted by President Trump’s virtual address to the World Economic Forum, where he called for immediate interest rate cuts and urged Saudi Arabia to lower oil prices.
Meanwhile, strong earnings from GE and Union Pacific, which rose 6.6% and 5.2%, respectively, helped lift industrial stocks, while defensive sectors outperformed after weaker performance the day before. However, American Airlines’ disappointing guidance weighed on sentiment, with shares falling 8.7%.
Despite lingering concerns over tariffs on Canadian aluminum, optimism surrounding Trump’s economic policies, resilient corporate earnings, and a buoyant economic outlook boosted investor confidence, though caution remained due to potential volatility ahead of next week’s Federal Reserve.
Source: Trading Economics
