The S&P 500 (^GSPC) and the Dow Jones Industrial Average (^DJI) traded higher on Thursday following President Trump’s remote comments at the World Economic Forum in Davos, Switzerland.
The broad based index gained more than 0.1%, a stone’s throw away from an intraday record. Meanwhile the Dow gained as much as 0.6%, led by Industrials (XLI).
The tech-heavy Nasdaq Composite (^IXIC), which opened the session lower, fell 0.3%. Yields on the 10-year Treasury (^TNX) also inched up to 4.65%.
During his remarks via video at Davos, the president said he will ask OPEC to lower the price of oil and warned companies that if they don’t manufacture in the US, they will have to pay a tariff.
“If you don’t make your product in America, which is your prerogative, then very simply you will have to pay a tariff — differing amounts, but a tariff.”
The president did not mention tariffs specifically against China, a major manufacturer of goods sold in the US.
