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Stocks rose Thursday after easing geopolitical fears sparked a broad-based market rally. Traders also looked ahead to a key inflation reading due in the morning.
The Dow Jones Industrials barreled ahead 360.31 points to 49,437.54.
The S&P 500 picked up 41.7 points to 6,917.32.
The NASDAQ raced ahead 211.51 points to 23,436, supported by gains in Nvidia, Microsoft and Meta Platforms.
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. The S&P 500 ended the day up more than 1%, and the 30-stock Dow surged almost 600 points, or more than 1%. The tech-heavy NASDAQ also advanced more than 1%.
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 withered, raising yields to 4.27%, from Wednesday’s 4.25%. Treasury prices and yields move in opposite directions.
Oil prices skidded $1.06 to $59.56 U.S. a barrel.
Gold prices leaped $26.20 to $4,863.70.
