The U.S. stock market bounced back from a slow opening to finish higher on Thursday, with the S&P 500 index hitting record highs after President Donald Trump advocated for reduced interest rates and lower oil prices.

Speaking at the World Economic Forum via video, Trump stated he would “demand an immediate reduction in interest rates” and urged oil-producing nations, including Saudi Arabia, to decrease oil costs. He also reiterated threats regarding tariffs.

The S&P 500 closed at a peak of 6,118.71, climbing by 0.53%, or 32.24 points. The blue-chip Dow increased by 0.92%, or 408.34 points, to finish at 44,565.07, while the tech-heavy Nasdaq saw a smaller rise of 0.22%, gaining 44.34 points to reach 20,053.68.

The yield on the benchmark 10-year Treasury note ticked up slightly to 4.644%, and oil prices dropped 1.6% to $74.24 per barrel.

The gains made on Thursday extended the week’s earlier progress, as the market welcomed Trump’s retreat from imposing sweeping tariffs in his early days in office.

Despite a rise in jobless claims for the previous week—a six-week high at 223,000 mainly due to disruptions from wildfires in California—the market remained resilient. Continuing claims, which reflect those already on unemployment benefits, reached their highest level since 2018 (excluding the period affected by the pandemic), indicating that it’s taking longer for unemployed individuals to secure new jobs.

Corporate updates

After a positive kickoff to the earnings season with many major banks exceeding expectations, Thursday saw a mix of results for investors.

American Airlines unexpectedly projected a loss per share for the first quarter, which may lead full-year earnings to fall below analyst estimates. As a result, shares dropped by 8.74%.

On the other hand, Alaska Air Group forecasted a smaller-than-anticipated loss in the same period, leading to a rise of over 2% in its shares.

Shares of Electronic Arts plunged 16.7% after the company lowered its revenue projections, attributing this to a decline in players for its soccer-themed video games.

Nvidia and other semiconductor stocks faced declines after a warning from one of its key suppliers, South Korea’s SK Hynix, about uncertain demand for key memory products used in smartphones and computers. SK Hynix also delivered a cautious forecast regarding spending.

Once the market closed, Boeing announced it expects to report a loss per share for the last quarter of the previous year, driven by lower-than-expected revenue figures. The company attributed this downturn to the nearly two-month labor strike last year and other challenges. Following this news, shares dipped nearly 2% in after-hours trading.

Bitcoin fluctuations

Bitcoin experienced further volatility, ending the day lower. It dropped by 0.87%, settling at $102,657.90, despite optimistic comments from Goldman Sachs CEO David Solomon.

During the event in Davos, Solomon reportedly described bitcoin as an “interesting speculative asset” and noted that Goldman Sachs is heavily researching its “underlying technology” to explore how it can reduce friction in the financial sector.

However, regulatory matters are currently hindering banks from taking a more active role in bitcoin. “From a regulatory standpoint, we cannot own, principal, or engage with bitcoin in any way,” he stated.

With Trump in office, the Securities and Exchange Commission is expected to adopt a more welcoming stance towards cryptocurrency and formulate new regulations.

Additionally, on Thursday, Trump issued a crypto executive order to establish a working group that will provide guidance on digital asset policies to the White House. This group will include representatives from key federal agencies such as the Treasury Department, Justice Department, Securities and Exchange Commission, and the Commodity Futures Trading Commission.

(This article was updated with new information.)

Medora Lee is a reporter covering finance, markets, and personal finance.