LIVE MARKETS-S&P 500 saunters to record closing high as Trump Zooms Davos

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S&P 500 SAUNTERS TO RECORD CLOSING HIGH AS TRUMP ZOOMS DAVOS

The S&P 500 .SPX shuffled to an all-time closing high on Thursday after investors watched President Donald Trump Zoom into the World Economic Forum in Davos Switzerland.

All three major U.S. stock indexes ended the session green, with underperforming tech shares .SPLRCT keeping the Nasdaq .IXIC in negative territory for much of the day.

In his comments to the Davos attendees, Trump rattled the tariff saber again, warning world business leaders they face steep tariffs for products made outside of the U.S., but he offered scant detail regarding their scope.

Earlier this week he said 25% tariffs on imports from China, Mexico, Canada and the EU could start as soon as February.

On a sector level, industrials .SPLRCI were among the outperformers, benefiting from Trump's vow to "make the United States a manufacturing superpower."

On the economic front an uptick in initial jobless claims was attributable to California wildfires, while a 2.5% jump in continuing claims hinted at a more systemic softness in the labor market, but not nearly enough to convince the Federal Reserve alter its expected course of leaving its policy unchanged for now.

On Friday, a relatively light week for economic indicators wraps up with S&P Global Flash PMI, existing home sales and the University of Michigan's final take on January Consumer Sentiment.

Here's your closing snapshot:

(Stephen Culp)

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