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US markets climb as Trump suspends European tariffs after Greenland deal
(MENAFN) US stock markets closed higher midweek following President Donald Trump’s decision to suspend planned tariffs on several European nations, after a framework agreement was reportedly reached with NATO regarding Greenland and the broader Arctic region.
The Dow Jones Industrial Average rose 1.21%, gaining 588.64 points to close at 49,077.23. The Nasdaq added 1.18%, or 270.50 points, reaching 23,224.82, while the S&P 500 increased 1.16%, or 78.76 points, to 6,875.62. Meanwhile, the Volatility Index (VIX), commonly known as the “fear index,” dropped 15.88% to 16.90.
Markets responded positively after Trump announced that a framework for a deal concerning Greenland and the wider Arctic had been established following discussions with NATO Secretary General Mark Rutte in Davos, Switzerland. As he wrote on his social media platform: "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."
Although he did not provide further details, Trump confirmed that "Based upon this understanding, I will not be imposing the Tariffs that were scheduled to go into effect on February 1st." He also noted that US Vice President JD Vance, Secretary of State Marco Rubio, Special Envoy Steve Witkoff, and other officials will oversee ongoing negotiations.
Prior to Trump’s announcement, the chair of the European Parliament’s trade committee reported that the European Union had paused work on its trade agreement with the United States.
The Dow Jones Industrial Average rose 1.21%, gaining 588.64 points to close at 49,077.23. The Nasdaq added 1.18%, or 270.50 points, reaching 23,224.82, while the S&P 500 increased 1.16%, or 78.76 points, to 6,875.62. Meanwhile, the Volatility Index (VIX), commonly known as the “fear index,” dropped 15.88% to 16.90.
Markets responded positively after Trump announced that a framework for a deal concerning Greenland and the wider Arctic had been established following discussions with NATO Secretary General Mark Rutte in Davos, Switzerland. As he wrote on his social media platform: "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."
Although he did not provide further details, Trump confirmed that "Based upon this understanding, I will not be imposing the Tariffs that were scheduled to go into effect on February 1st." He also noted that US Vice President JD Vance, Secretary of State Marco Rubio, Special Envoy Steve Witkoff, and other officials will oversee ongoing negotiations.
Prior to Trump’s announcement, the chair of the European Parliament’s trade committee reported that the European Union had paused work on its trade agreement with the United States.
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