S&P 500 notches closing record with focus on Trump comments, earnings
corporate earnings and digested comments from President Donald Trump, including a call for cuts in interest rates and oil prices.
At the World Economic Forum in Davos, Switzerland, Trump demanded that OPEC lower oil prices and that central banks reduce interest rates, while he warned global business leaders they will face tariffs for products made outside of the U.S. While investors have been cautiously monitoring Trump's comments about tariffs, they «like the idea of interest rates coming down, of oil prices coming down,» said Lindsey Bell, chief strategist at 248 Ventures.
«All in all, the market is optimistic the more they hear about Trump policies. We're just seeing a reflection of that optimism,» said Bell.
However, investors have been concerned that tariffs could add to inflation pressures and slow the pace of interest rate cuts by the U.S. Federal Reserve.
The Fed is expected to leave interest rates unchanged next week at its first policy meeting of the year.
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