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

NEW YORK — U.S. stocks pulled back from their all-time high on Friday as they closed out a second straight winning week . The S&P 500 slipped 0.3% a day after setting a record. The Dow Jones Industrial Average dipped 140 points, or 0.3%, and the Nasdaq composite sank 0.5%.

Wall Street is pointing slightly lower in early trading but is on track to close the week with solid gains on healthy quarterly earnings reports from large U.S. corporations

U.S. stocks are drifting near a record as Wall Street’s recent rally loses some momentum. The S&P 500 slipped 0.1% in early trading Thursday, a day after after pulling to the edge of its all-time high set in early December.