U.S. Stocks Close Midweek Higher
The Dow Jones Industrial Average climbed 1.21%, gaining 588.64 points to settle at 49,077.23.
The Nasdaq advanced 1.18%, adding 270.50 points to reach 23,224.82, while the S&P 500 rose 1.16%, up 78.76 points to 6,875.62.
The Volatility Index (VIX)—dubbed the "fear index"—dropped 15.88% to 16.90.
Markets turned positive after Trump announced Wednesday that a structural framework addressing Greenland and the broader Arctic region emerged from his Davos, Switzerland meeting with NATO Secretary General Mark Rutte.
"Based upon a very productive meeting that I have had with the Secretary General of NATO, Mark Rutte, we have formed the framework of a future deal with respect to Greenland and, in fact, the entire Arctic Region," Trump posted on his Truth Social platform.
Details remained undisclosed, though Trump confirmed ongoing discussions.
"Based upon this understanding, I will not be imposing the Tariffs that were scheduled to go into effect on February 1st," he added.
US Vice President JD Vance, Secretary of State Marco Rubio, Special Envoy Steve Witkoff and "various others" will lead negotiations, according to Trump.
Prior to Trump's announcement, European Parliament trade committee chair Bernd Lange declared the European Union suspended work on its US trade pact.
"Now official: EU-US deal is on hold until further notice!" he posted on X, the US social media platform.
Lange stated the negotiating team chose to halt European Parliament trade committee efforts on legal implementation of the Turnberry agreement.
"Our sovereignty and territorial integrity are at stake. Business as usual impossible," he wrote, referencing Greenland tensions and tariff disputes.
Trump also revealed Wednesday he's approaching a final decision on Federal Reserve Chair Jerome Powell's replacement, hinting at a preferred candidate.
"I'd say we're down to three, but we're down to two. And I probably can tell you, we're down to maybe one, in my mind," he told media in Davos.
Earlier that day, Trump indicated plans to soon announce the new Fed chair while continuing Powell criticism during his World Economic Forum address in Davos.
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