04:36 PM EST, 01/23/2025 (MT Newswires) -- The S&P 500 closed at an all-time high Thursday, while oil fell as markets analyzed President Donald Trump's remarks on interest rates and oil prices.

The S&P 500 rose 0.5% to 6,118.7, while the Dow Jones Industrial Average jumped 0.9% to 44,565.1. The Nasdaq Composite increased 0.2% to 20,053.7. All sectors closed higher, led by health care and industrials.

Trump said he's going to ask Saudi Arabia and the Organization of the Petroleum Exporting Countries to bring down the cost of oil.

"If the price came down, the Russia-Ukraine war would end immediately," he said while speaking remotely at the World Economic Forum in Davos, Switzerland. "With oil prices going down, I'll demand that interest rates drop immediately, and likewise, they should be dropping all over the world."

West Texas Intermediate crude oil slipped 1.6% to $74.20 a barrel.

Commercial crude stockpiles in the US posted a bigger draw than projected last week, government data showed.

In company news, GE Aerospace (GE) shares jumped 6.6%, the second-best performer on the S&P 500, after the company delivered a fourth-quarter beat.

Union Pacific's ( UNP ) fourth-quarter earnings growth surpassed views, while flat freight revenue contributed to a top-line miss as the railroad operator said it remains on track to meet targets outlined in September. Its shares increased 5.2%, among the top gainers on the S&P 500.

Electronic Arts ( EA ) was the worst performer on the S&P 500 and the Nasdaq, down nearly 17%. Late Wednesday, the company reported preliminary fiscal third-quarter revenue that fell short of market expectations.

Leidos ( LDOS ) said Thursday it received a follow-on contract from the Transportation Security Administration to maintain 12,000 units of transportation security equipment at more than 430 airports in the US and its territories. The company's shares dropped 7.6%, the second-steepest decline on the S&P 500.

The US 10-year yield rose 4.9 basis points to 4.65%, while the two-year rate fell less than one basis point to 4.29%.

In economic news, manufacturing declines in the US Midwest region held steady this month, while the expected pace of growth cooled, the Federal Reserve Bank of Kansas City said.

Applications for unemployment insurance in the US rose more than expected last week, while continuing claims reached their highest level since November 2021, government data showed.

Gold fell 0.4% to $2,760.90 per troy ounce, while silver dropped 1.9% to $30.84 per ounce.