All three Wall Street benchmarks have closed higher, buoyed by the news that a framework for an agreement on Greenland had been reached, averting the possibility of new US tariffs on European allies.
"We have formed the framework of a future deal with respect to Greenland and, in fact, the entire Arctic Region," US President Donald Trump wrote on his Truth Social platform on Wednesday. "Based upon this understanding, I will not be imposing the Tariffs that were scheduled to go into effect on February 1st."
Wall Street benchmarks had been trading in positive territory at the time of the announcement, but soared in its wake as investors cheered the aversion of a potential new tariff war over the future of Greenland.
According to preliminary data, the Dow Jones Industrial Average rose 588.64 points, or 1.21 per cent, to 49,077.23, the S&P 500 gained 78.76 points, or 1.16 per cent, to 6,875.63 and the Nasdaq Composite gained 270.50 points, or 1.18 per cent, to 23,224.83.
Before the mid-afternoon Greenland announcement, Wall Street had been broadly positive, as investors responded to the steepest selloff in three months on Tuesday to regain some ground.
