Stocks closed sharply higher on Thursday for the fourth straight session as investor optimism about the new Trump administration continued to run high.

The S&P 500 rose 0.5% to a new closing high of 6,118.71 points, closing at record levels for the first time since Dec. 6. The Dow Jones Industrial Average and Nasdaq Composite rose 0.9% and 0.2%, respectively, to rise less than 1% from their new closing highs. Major stock indices closed near the day's highs as the late session spiked.

Strong corporate earnings, enthusiasm for the prospects of AI-related business development, and a positive response have fueled the recent backlash against President Trump's pro-business approach.

Speaking to attendees at the World Economic Forum in Davos on Thursday, Trump said he would use tariffs to push businesses to make products in the U.S. and cut taxes on companies that make U.S. soil. He also asked Saudi Arabia and the OPEC group of major oil producers to lower oil prices, which he said would lead to lower interest rates.

Today's earnings calendar is getting busy again. Shares of GE Aerospace rose 6.6% after fourth-quarter results beat analysts' expectations. Union Pacific (UNP) shares rose 5.2% after reporting better-than-expected earnings, while American Airlines (AAL) fell 8.7% after releasing disappointing outlook.

Stocks of some major tech companies are under pressure on Thursday for companies that have driven recent economic gains. Chip design company Arm Holdings (ARM) fell 7.4% today after rising 16% yesterday, while Nvidia (NVDA), a favorite of AI investors, was in lower territory for most of the day after leading the Dow gains yesterday before closing slightly higher. The two companies have been named technology partners for a $500 billion project announced this week, led by Oracle (ORCL), OpenAI and Japan's SoftBank, to build an AI infrastructure structure. Oracle shares also recovered from early losses, closing up 1.2% and up 15% over the past three days.

Other big tech stocks were mixed. Microsoft (MSFT), Amazon (AMZN) and Meta Platform (META) rose, while Apple (AAPL), Alphabet (GOOGL), Tesla (TSLA) and Broadcom (AVGO) closed lower.

In the markets, Bitcoin reached $104,000 in late afternoon trading, up from this morning's low of $101,200. On Monday, ahead of Trump's inauguration, the digital currency hit an all-time high of more than $109,000 as investors hoped that the new administration would adopt policies to support the cryptocurrency industry.

Expectations for the direction of the sensitive 10-year Treasury yield rate are at 4.64%, up from 4.60% late yesterday.

Gold futures fell 0.