US stocks gain ground after Trump Davos remarks
A broker is seen working while the digital display in the background shows the graph of the German stock market index DAX above 21,000 points at the Frankfurt Stock Exchange, operated by Deutsche Boerse AG, in Frankfurt am Main, western Germany, on January 20, 2025. Germany’s blue-chip DAX stock index jumped above 21,000 points for the first time on January 20 ahead of Donald Trump being sworn in for a second term as US president. The index, which groups the 40 largest publicly-traded companies on the Frankfurt Stock Exchange, hit 21,016.02 points at around 1340 GMT, up about 0.5 percent. (Photo by Daniel ROLAND / AFP)
New York, United States — Wall Street stocks were mostly higher near midday Thursday, with markets climbing after US President Donald Trump’s Davos appearance following a mixed round of corporate earnings.
Trump’s much-anticipated remarks included a call for lower interest rates, a renewed threat of tariffs on companies that plan to import items, and a pledge to cut corporate taxes further.
The rise in stocks during the appearance most likely was due to comments on cutting corporate taxes, which “can benefit foreign companies choosing to produce their products here (in the United States),” said Briefing.com analyst Patrick O’Hare.
Near 1700 GMT, the Dow Jones Industrial Average was up 0.6 percent at 44,413.06.
The broad-based S&P 500 edged up 0.1 percent to 6,092.08, while the tech-rich Nasdaq Composite Index fell 0.3 percent to 19,945.40.
Trump’s remarks followed a mixed day of results for US companies.
Solid earnings reports from GE Aerospace and the Union Pacific railroad company were countered by disappointing announcements from American Airlines and Electronic Arts.
During his appearance, Trump sent a blunt message on trade.
“Come make your product in America and we will give you among the lowest taxes of any nation on earth,” Trump said.
Earlier at Davos, World Trade Organization chief Ngozi Okonjo-Iweala urged nations to keep calm over tariffs, warning that a tit-for-tat trade war would be “catastrophic” for the world economy.
O’Hare also said Trump’s remarks on pressuring Saudi Arabia to lower oil prices and end the Ukraine war were also supporting factors for stocks.
