S&P Hits New Record

The S&P 500 reached new records on Friday as optimism around the start of President Donald Trump’s term continued.The Dow Jones Industrials faltered 53.41 points to pause for noon EST Friday at 44,511.66. The much-broader index inched up 2.95 points to 6,121.66. The NASDAQ Composite turned course and pointed upward 10.92 points to 20,064.60. Novo Nordisk rallied more than 7% following positive early-stage results for a weight-loss drug. Texas Instruments, on the other hand, slid more than 4% on weak earnings guidance.Excitement toward Trump’s pro-business policies pushed risk assets higher this week with investors focused on his inauguration. Traders were also relieved that there have only been threats on the tariff front from Trump — instead of formal action — during his first few days in the White House.All three major averages are on track to post their second positive week, signaling the bull market is back in full force after December’s pullback. All three indexes have added more than 2% week to date, a second straight week with gains of that size.Friday’s action comes after Trump said on Thursday that he would “demand that interest rates drop immediately” when addressing world leaders in Davos, Switzerland. The president also said he would ask Saudi Arabia and other OPEC nations to lower the price of oil.Prices for the 10-year Treasury gained ground, lowering yields to 4.62% from Thursday’s 4.65%. Treasury prices and yields move in opposite directions.Oil prices shied away seven cents to $74.55 U.S. a barrel. Prices for gold muscled up $19.10 an ounce to $2,784.10 U.S.