US exchanges finish Thursday’s session in green after Trump’s speech in Davos
Date
1/26/2025 2:54:12 AM
(MENAFN) On Thursday, US Stocks finished on a positive note, boosted by President Donald Trump's remarks at the 55th Annual Meeting of the World Economic Forum (WEF) in Davos, Switzerland. Talking via video conference, Trump called on business leaders to relocate their manufacturing operations to the US. He also cautioned that companies failing to make the shift could face tariffs, and repeated his plan to work with Congress to reduce the corporate tax rate to 15 percent for businesses that set up operations in the nation.
Trump addressed global oil prices as well, stating he would urge Saudi Arabia and the Organization of the Petroleum Exporting Countries (OPEC) to reduce them. In addition, he urged for an immediate reduction in interest rates and advocated for a global decrease in rates.
US trade partners such as Mexico, Canada, China, and the European Union are among those facing the possibility of new tariffs, which has created uncertainty in the markets.
In terms of economic data, the number of first-time jobless claims in the US rose to 223,000 for the week ending January 18, surpassing market expectations. In spite of these concerns, US exchanges saw gains, with the Dow Jones Industrial Average climbing 0.92 percent, or 408.34 points, to close at 44,565.07. The S&P 500 advanced 0.53 percent, or 32.34 points, finishing at 6,118.71, while the Nasdaq Composite increased 0.22 percent, or 44.34 points, closing at 20,053.68.
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