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Wall Street stocks opened higher on Wednesday after US President Donald Trump said he would not use military force to take control of Greenland, easing investor concerns that had unsettled markets a day earlier.
Speaking at the World Economic Forum in Davos, Trump said the United States would not resort to force in pursuing Greenland, while maintaining that immediate negotiations were necessary.
“People thought I would use force. I don’t have to use force. I don’t want to use force. I won’t use force,” Trump said.
The remarks helped lift market sentiment after a sharp sell-off on Tuesday, when the S&P 500 dropped 2.06 percent,its worst session since October, following Trump’s threat to impose tariffs on European countries resisting his Greenland push.
In early trading, the Dow Jones Industrial Average gained 0.4 percent to 48,697.73. The S&P 500 rose 0.3 percent to 6,819.92, while the Nasdaq Composite added 0.2 percent to 22,988.96.
US stock had been lower before Trump’s comments, extending losses triggered by concerns over potential trade tensions between Washington and Europe.
Market analysts said investors were struggling to price in the growing level of political uncertainty.
Ken Mahoney of Mahoney Asset Management noted that few investors had anticipated that Greenland would become a flashpoint, or that tariff threats against Europe would come in so early in the year, developments that had weighed heavily on confidence.
Among individual stocks, Netflix fell 5.2 percent after forecasting largely flat revenue for the current quarter, signalling a pause in growth following several years of strong performance.
