Stocks rose after President Donald Trump told the World Economic Forum he would not use force to acquire Greenland, easing a concern that has rattled markets and caused a flight from dollar-based assets.
The Dow Jones Industrials recovered 364.78 points, or 1.8%, to 48,853.37.
The S&P 500 picked up 51.31 points to 6,848.17.
The NASDAQ hiked 183.93 points, or 2.4%, to 23,138.25.
Trump was commenting in his speech in Davos, Switzerland, about how he believed the U.S. was carrying the financial and military load for NATO.
The president also said in his Davos speech that he would be asking Congress to implement his proposed credit card cap of 10%, an uncertain prospect given lack of support among lawmakers.
That comment sent bank stocks higher. Citigroup gained around 2%, and Capital One rose more than 1%.
Prices for the 10-year Treasury withered, lowering yields to 4.28%, from Tuesday’s 4.29%. Treasury prices and yields move in opposite directions.
Oil prices ducked 16 cents to $60.20 U.S. a barrel.
Gold prices leaped $83.00 to $4,848.80.
