Updated at 4:39 PM EST by Rob Lenihan
Stocks finished higher, with the S&P 500 closing at a fresh record, amid optimism over the new administration of President Donald Trump.
The S&P 500, which also posted an intraday high for the second day in a row, gained 0.53% to close at 6,118.71, outpacing its prior all-time closing high of 6,090.27 recorded in early December.
The Dow Jones Industrial Average surged 408.34 points, or 0.92%, to 44,565.07, while the tech-heavy Nasdaq gained 0.22% to end the day at 20,053.68.
“President Trump’s pro-growth agenda, a reprieve from rising rates, and solid earnings thus far have recently renewed investor optimism,” said Adam Turnquist, chief technical strategist for LPL Financial.
“Momentum has turned bullish as the broader market approaches record-high territory. However, market breadth measures have not kept up with the recent rebound in stocks, implying the latest advance has been relatively narrow,” he added.
While deviations between price and market breadth can persist for extended periods, Turnquist said, they can often foreshadow building vulnerabilities of a rally susceptible to stalling.
“While we are not making a call for an imminent correction, investors should not be surprised if one develops this year as history shows they occur at least once per year,” he said.
Updated at 11:26 AM EST
Stock turned higher in late-morning trading as President Trump addressed the World Economic Forum in Davos and outlined the broad strokes of his economic, immigration and social policies.
Global oil prices, meanwhile, turned lower after the President said he would pressure the OPEC cartel to bring down costs. He also vowed “rapid action” to cut government spending and reduce government borrowing costs.
The S&P 500 was marked 6 points, or 0.1% higher on the session while the Dow gained 204 points. The Nasdaq, meanwhile, remained 55 points, or 0.27% lower.
Updated at 9:36 AM EST
The S&P 500 was marked 6 points, or 0.11% lower in the opening minutes of trading, with the Nasdaq down 110 points, or 0.55%.
The Dow was marked 51 points higher while the mid-cap Russell 2000 slipped 11 points, or 0.45%.
Benchmark 10-year note yields crept to 4.656% while 2-year notes were holding at 4.304%.
