S&P 500 climbs after Trump pledges jobs

S&P 500

U.S. stocks rose on Thursday, lifted by energy stocks and by President Donald Trump’s renewed pledge of bringing back millions of jobs to the United States to chief executives of major U.S. companies.

Trump said at a meeting with about two dozen chief executives that he plans to bring millions of jobs back to the United States, without revealing a specific plan on how to counter a decades-long fall in factory jobs.

Trump is expected to introduce a series of proposals that could benefit companies, including tax reforms, a reduction in regulation and increased infrastructure spending that were a part of his election campaign

Those promises have helped propel equities to record highs, with the S&P 500 up more than 10 percent since the election.

Investors, however, are looking for more clarity on the proposals, which has kept the benchmark S&P index in a tight daily trading range. It has failed to register a move of at least one percent in either direction since Dec. 7.

The Dow Jones Industrial Average rose 34.72 points, or 0.17 percent, to 20,810.32, the S&P 500 gained 0.99 points, or 0.04 percent, to 2,363.81 and the Nasdaq Composite dropped 25.12 points, or 0.43 percent, to 5,835.51.

The Dow managed to notch a record high for a tenth straight session, the longest streak since 1987. The streak of gains is the longest for the index since March 2013.

The NASDAQ saw its biggest daily percentage drop this month, weighed down by a 9.3-percent drop in Nvidia. BMO cut its rating on the stock to "underperform" and reduced its price target by $15 to $85 per share.

The S&P 500 posted 65 new 52-week highs and 2 new lows; the Nasdaq Composite recorded 132 new highs and 39 new lows.

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