S&P 500 touches new record, heads for second big weekly gain in a row: Live updates

The S&P 500 reached new records on Friday as optimism around the start of President Donald Trump’s term continued.

The benchmark traded around flat after hitting a fresh intraday record in the session. The Nasdaq Composite also flickered around its flatline. The Dow Jones Industrial Average slipped 29 points, or 0.1%.

Excitement toward Trump’s pro-business policies pushed risk assets higher this week with investors focused on his inauguration. Traders were also relieved that there have only been threats on the tariff front from Trump — instead of formal action — during his first few days in the White House.

All three major averages are on track to post their second positive week, signaling the bull market is back in full force after December’s pullback. The S&P 500 and Nasdaq have each risen around 2% week to date, while the Dow climbed 2.2%

Friday’s action comes after Trump said on Thursday that he would “demand that interest rates drop immediately” when addressing world leaders in Davos, Switzerland. The president also said he would ask Saudi Arabia and other OPEC nations to lower the price of oil.

In addition to hitting an all-time intraday high, the S&P 500 also closed at a record on Thursday following those comments. That means the market has completely erased losses recorded during December’s slump.

“So far, markets have reacted to every statement made by the President, even those that should not have any impact,” said Mark Malek, chief investment officer at Siebert. “This shows that traders have not yet settled into their pace.”

Novo Nordisk rallied more than 7% following positive early-stage results for a weight-loss drug. Texas Instruments, on the other hand, slid more than 5% on weak earnings guidance.

Investors are also gearing up for next week, when attention will turn to big technology earnings and the Federal Reserve meeting.