The U.S. stock markets reacted with a wave of relief on Wednesday after President Donald Trump announced that he would not impose tariffs on several European countries beginning on February 1. Major indices surged sharply: at the close in New York, the Dow Jones Industrial Average was 49,077 points, up 1.2 % on the day. The broader S&P 500 finished at 6,876 points, also up 1.2 %, while the Nasdaq 100 closed at 25,327 points, rising 1.4 %.
Earlier that evening, during his visit to the World Economic Forum in Davos, Trump said he had a “very productive” meeting with NATO Secretary General Jens Mark Rutte. The two discussed the groundwork for a future agreement concerning Greenland and the entire Arctic. Trump had also told a live audience that he still intended to purchase Greenland, but without force.
The Davos speech gave the markets a modest lift, partly because of its more conciliatory tone toward Greenland and Denmark and also because Trump predicted a “doubling” of the stock market-a statement that could self‑fulfil.
Gold priced strongly all day; at evening close the price per troy ounce was $4,821, a 1.2 % rise, which translates to 132.65 euros per gram. Oil also edged higher: Brent crude traded at $65.30 per barrel-38 cents, or 0.6 %-above the previous day’s close.
The euro weakened against the dollar: $1 = 1.1685 euros, meaning 1 dollar = 0.8558 euros.