The S&P 500 hit record highs Thursday after President Donald Trump called for lower interest rates and lower oil prices.
The broader market index added 0.53%, hitting an all-time intraday high for the second consecutive session. The benchmark index ended the day at 6,118.71, surpassing its previous all-time closing high of 6,090.27 recorded in early December.
The Dow Jones Industrial Average advanced 408.34 points, or 0.92%, to 44,565.07, while the Nasdaq Composite rose 0.22% to 20,053.68. Thursday marked the fourth consecutive winning session for all three major indexes.
Stocks got a boost after Trump said in a virtual speech to the World Economic Forum on Thursday that he would “demand that interest rates be lowered immediately.” The president also said he would ask Saudi Arabia to lower the price of oil, which sent crude falling into the red. Short-term Treasury yields fell following Trump’s comments.
The stock market benefited this week from enthusiasm over potential tax cuts and deregulation under Trump, as well as signs of resilient economic growth. Although tariffs remain an issue, investors have been pleased with the lack of formal action on these levies during Trump’s first days in the White House.
“He really can’t control interest rates, but the market likes to hear that stuff,” said Larry Tentarelli, chief technical strategist for the Blue Chip Daily Trend Report. “So far the market seems to like Trump’s policies, so we’ll just have to see if there’s any follow-through.”
The fourth quarter earnings season is also off to a good start, with Netflix and major banks releasing positive reports. But American Airlines put some cold water on that enthusiasm, with the stock falling more than 8% Thursday after the company issued weak guidance.
