A general proof is given that all static equilibria without volume currents which are stable according to magneto-hydrodynamics (MHD) remai n stable in the two-fluid model, if resistivity and electron inertia are neglected. Therefore the Hall term in Ohm's law can onl y have a stabilizing effect, if any effect at all. This result is valid for finite beta and arbitrary geometry, whether a wall or vacuum surrounds the plasma. As a special example th e cylindrical pinch with surface currents is investigated in detail.