Stocks rose on Thursday, extending their gains from the previous session after easing geopolitical fears sparked a broad-based market rally.
The Dow Jones Industrials barreled ahead 503.04 points, or 1%, to 49,580.27.
The S&P 500 picked up 55.08 points to 6,930.30.
The NASDAQ raced ahead 254.24 points to 23,479.06, supported by gains in Nvidia, Microsoft and Meta Platforms.
While the 30-stock Dow is now pacing for a positive weekly performance, rising 0.4%, the other two leading U.S. indexes are still in the red.
The S&P 500 and NASDAQ have each fallen 0.2% week to date.
Trump, who has been relentlessly pushing for U.S. control of Greenland in recent weeks, said Wednesday on Truth Social that he and NATO Secretary General Mark Rutte have “formed the framework of a future deal with respect to Greenland.” The president later told reporters that “we have a concept of a deal” with the Arctic island.
Stocks were already rising after the U.S. president earlier said in a speech at the World Economic Forum in Davos, Switzerland, that he would not move to acquire Greenland by force.
While equities rose in the wake of the deal “framework” announcement, the situation appears far from over. On Thursday, Danish Prime Minister Mette Frederiksen viewed Trump’s discussion on Arctic security with Rutte as “good and natural” and said that the country is ready to hold talks with the U.S. on its “Golden Dome” missile defense plan. However, she stressed that sovereignty is non-negotiable.
Prices for the 10-year Treasury gained ground by noon, lowering yields to Wednesday’s 4.25%. Treasury prices and yields move in opposite directions.
Oil prices skidded $1.29 to $59.33 U.S. a barrel.
Gold prices leaped $60.50 to $4,898.
