U.S. stocks rallied Wednesday after President Trump said he had reached the framework of a Greenland deal with NATO that would take away the need for new tariffs on Europe.
Stocks had started the session with small increases that gained steam after Trump ruled out using force to take over Greenland in a speech at the World Economic Forum in Davos, Switzerland. The major indexes later pared those gains, with fears of an escalation in trade tensions continuing to weigh on investors.
“Is Greenland going to cause [Magnificent] Seven earnings to deteriorate? Probably not,” said Will McGough, deputy chief investment officer at Prime Capital Financial. “I think it’s just more noise.”
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