The Dow jumped 408.34 points 0.9% to 44,565.07, the S&P 500 climbed 32.34 points or 0.5% to 6,118.71 and the Nasdaq rose 44.34 points or 0.2% at 20,051.68. Trump said he would ask Saudi Arabia and other members of OPEC to lower oil prices, contributing to a downturn by the price of crude oil. Notably, Trump did not specifically comment on the level of tariffs he plans to impose on certain countries, which is one of the lingering areas of concern about his presidency.
The Labor Department released a report showing initial jobless claims which further rose in the week ended January 18th. It said initial jobless claims spiked to 223,000, an increase of 6,000 from the previous week's unrevised level of 217,000.
Biotechnology stocks showed a strong move to the upside as the day progressed, driving the NYSE Arca Biotechnology Index up by 1.8%. Networking stocks were considerably strong, as reflected by the 1.4% gain posted by the NYSE Arca Networking Index. Healthcare, pharmaceutical and oil producer stocks also saw notable strength while airline stocks came under pressure amid disappointing guidance from American Airlines (AAL).
Asia-Pacific stocks turned in a mixed performance. Japan's Nikkei 225 Index advanced by 0.8%, while Hong Kong's Hang Seng Index fell by 0.4%. The major European markets all moved to the upside on the day. While the U.K.'s FTSE 100 Index rose by 0.2%, the French CAC 40 Index and the German DAX Index both climbed by 0.7%.
In the bond market, treasuries extended the pullback seen in the previous session. Subsequently, the yield on the benchmark ten-year note, which moves opposite of its price, climbed 3.9 basis points to 4.638%.
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