The Dow Jones Industrial Average and the S&P 500 hit intraday highs on Friday, Jan. 26, after Donald Trump told CEOs and world leaders gathered in Davos, Switzerland, that the U.S. was "open for business and we are competitive once again."
Trump, in his keynote address Friday at the World Economic Forum, said the U.S. supported free trade "but it needs to be fair and it needs to be reciprocal."
"The United States will no longer turn a blind eye to unfair economic practice including massive intellectual property theft, industrial subsidies and pervasive state-led economic planning," he added.
The Dow rose 0.37% to 26,490, just off its intraday record high of 26,497. The S&P 500 gained 0.56% to a record high of 2,856. The Nasdaq rose 0.67%. The Dow and S&P 500 scored fresh closing highs on Thursday, Jan. 25, while the Nasdaq declined slightly.
Trump's speech followed a turbulent week for U.S. economic policy that included tariffs on imported goods from China and South Korea, threats to leave the North American Free Trade Agreement and the first apparent reversal of the country's "strong dollar" policy in at least a generation.
In remarks released before his speech at Davos from an interview with CNBC television, Trump also insisted that no one should be "talking down" the U.S. dollar and argued that its value should be based on the strength of the broader economy.
"I'll tell you where I stand, which ultimately is very important," he said. "No. 1, I don't like talking about it because, frankly, nobody should be talking about it ... it should be what it is and it should also be based on the strength of the country."
The dollar index, a measure of the greenback's strength against a basket of six global currencies, slipped 0.4%% to 89.08 despite Trump's attempt to support the currency.
Trump also said the U.S. economy could grow "much higher" than 3% and that cutting regulations has allowed as much as $4 trillion in new overseas investment.
On Friday, however, the Commerce Department said the U.S. economy grew at an annual pace of 2.6% in the fourth quarter, below estimates. GDP failed to reach the 3% mark for the third quarter in a row.
For 2017, the economy grew 2.3%, higher than 1.5% growth in 2016.
Honeywell International Inc. (HON) - Get Report said Friday adjusted earnings in the fourth quarter were $1.85 a share, topping Wall Street forecasts by 1 cent. The company also raised its 2018 earnings outlook. The stock rose 1.1%.
Intel Corp. (INTC) - Get Report jumped 9.1% on Friday after the giant chipmaker beat both fourth-quarter earnings and revenue expectations and issued strong full-year guidance for 2018. Intel also announced it was increasing its dividend by 10% to $1.20 a share.
Rockwell Collins Inc. (COL) earned an adjusted $1.59 a share in its fiscal first quarter, beating estimates by 4 cents. The stock rose 0.1%.
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