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Trump's Economic Comments Fuel Market Surge: S&P 500 Reaches New Heights

Trump’s Economic Comments Fuel Market Surge: S&P 500 Reaches New Heights

Trump’s Economic Remarks Spark Market Rally, S&P 500 Hits Record High

President-elect Donald Trump’s recent comments on economic policy have ignited a surge in U.S. stock markets, with the S&P 500 reaching a new record high. Trump announced plans to delay the TikTok ban through an executive order after taking office and expressed willingness to discuss lower interest rates with the Federal Reserve.

The S&P 500 closed at 6,118.71, up 0.53%, marking its highest level since early December. The Dow Jones Industrial Average rose to 44,565.07, up 0.92%, while the Nasdaq composite increased to 20,053.68, up 0.22%.

Speaking at the World Economic Forum in Davos, Trump advocated for immediate interest rate cuts and indicated his intention to request Saudi Arabia and OPEC to lower oil prices. These remarks contributed significantly to the stock market gains.

In response to Trump’s comments, oil prices decreased, with West Texas Intermediate crude falling 1.60% to $74.23 per barrel and Brent crude decreasing 1.43% to $77.87 per barrel. The 10-year U.S. Treasury yield increased by 3 basis points to 4.644%.

Investors are now focusing on fourth-quarter earnings, with 78% of reporting S&P 500 companies beating profit estimates. Major tech companies like Apple, Meta Platforms, and Tesla are set to report their earnings in the coming days.

The Federal Reserve’s upcoming policy meeting next week is generating anticipation, with markets expecting the Fed to maintain current interest rates. However, the Fed’s commentary could influence market expectations for future rate changes.

In other market developments, there has been increased interest in the $Trump meme crypto coin from retail traders and whales. Meanwhile, Larry Fink warned of potential bond yield increases impacting the stock market.

The cryptocurrency market faces potential sell-off risks due to a lack of policy announcements from Trump. Bitcoin declined 0.43% to $103,222.

As the market reacts to these developments, investors and analysts continue to monitor economic indicators, earnings reports, and policy decisions for further guidance on market trends.