U.S. stock markets lifted sharply on Wednesday after President Donald Trump announced that the proposed tariffs on several European countries would not be imposed. At the close of the New York session, the Dow Jones Industrial Average stood at 49,077 points, up 1.2 percent from the previous day. The broader S&P 500 finished at 6,876 points, also a 1.2 percent gain, while the technology‑heavy Nasdaq 100 ended at 25,327 points, rising 1.4 percent.
Trump’s announcement came after he told reporters at the World Economic Forum in Davos that he had held a “very productive meeting” with NATO Secretary General Mark Rutte. He said the discussions laid the groundwork for a future agreement concerning Greenland and the entire Arctic region. Earlier in the evening, he noted that he still intended to purchase Greenland but would do so without force. The speech, with its more conciliatory tone toward Greenland and Denmark and Trump’s prediction of a “doubling” of the stock market, sparked a modest uptick at the major U.S. exchanges.
Gold delivered a solid performance throughout the day, trading at $4,821 per fine ounce in the evening-an increase of 1.2 percent-equivalent to about €132.65 per gram. Oil also moved higher; Brent crude, a North Sea blend, was priced at $65.30 per barrel at 10 p.m. German time, up 38 cents or 0.6 percent from the previous close.
On the currency front, the Euro weakened over the session, trading at $1.1685 per euro. Correspondingly, one U.S. dollar was worth €0.8558.
