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.

President Trump's call at Davos for cuts to US interest rates, oil prices, and taxes spurred investor optimism for his policies, buoying stocks. The major gauges are set to end the holiday-shortened week with gains above 2%, demonstrating the power of Trump's comments even as Wall Street questions his ability to execute the changes.