Trump Asks For Cheaper Oil From OPEC – US Market Wrap

Stocks closed at all-time highs as oil fell after President Donald Trump urged OPEC to lower crude prices and said he will push for interest-rate cuts.

A drop in oil, which tends to ease concerns about inflation, pushed the policy-sensitive two-year yield down. About 320 shares in the S&P 500 rose, with the gauge topping the 6,100 milestone. Tech shares, which weighed heavily on the market throughout most of the session, rebounded in the final stretch of Wall Street trading. Trump said he signed executive actions related to artificial intelligence and cryptocurrencies.

The S&P 500 added 0.5%. The Nasdaq 100 rose 0.2%. The Dow Jones Industrial Average climbed 0.9%. A gauge of the “Magnificent Seven” gained 0.2%. The Philadelphia Stock Exchange Semiconductor Index fell 0.4%. The Russell 2000 added 0.5%.

The Dollar Index slid 0.2%. The Yen climbed, with the Bank of Japan expected to raise its benchmark rate Friday by the most in 18 years. The yield on 10-year Treasuries advanced three basis points to 4.65%.