Read about the market's reaction to President Donald Trump's speech in Davos, Switzerland where he called for lower rates and cheaper oil, as well as how corporate earnings were received and other developments on Thursday.

"I'll demand that interest rates drop immediately and likewise they should be dropping all over the world," Trump said to business leaders from around the world. The yield on the 10-year U.S. Treasury note retreated from its intraday high of 4.664% following Trump's comments but closed at 4.648%, up from 4.599% on Wednesday.

At the closing bell on the first trading day of the second Trump administration, the blue-chip Dow Jones Industrial Average added 1.2% to 44,025. The broad-based S&P 500 was up 0.9% to 6,049. And the tech-heavy Nasdaq Composite rose 0.6% to 19,756.