US stock indices opened higher slightly on Wednesday as investors digested President Donald Trump’s speech at the World Economic Forum in Davos where he retreated his demand for Greenland acquisition.
At the open, the S&P 500 rose 0.30%, the Nasdaq Composite index added 0.21% and the Dow Jones Industrial Average climbed 0.33%.
Trump’s comments unsettled stock markets earlier in the week.
All three major US indices tumbled nearly 2% on Tuesday, as investors flocked to safe-haven assets after Trump threatened to implement new tariffs on European nations until the US is allowed to buy Greenland, an autonomous territory of Denmark.
What Trump said at WEF Davos?
President Trump on Wednesday insisted that he wants to “get Greenland, including right, title and ownership,” but he said he wouldn’t use force to achieve that. He also said NATO shouldn’t stand in the way of US expansion.
“What I’m asking for is a piece of ice, cold and poorly located,” Trump said, declaring of NATO: “It’s a very small ask compared to what we have given them for many, many decades.”
He further urged NATO to allow the US to take Greenland from Denmark and added a warning, saying European alliance members can say yes “and we’ll be very appreciative. Or you can say, ‘No,’ and we will remember.”
“This enormous unsecured island is actually part of North America,” Trump said. “That’s our territory.”
Bullion Market
Gold prices surpassed $4,800 an ounce for the first time on Wednesday as geopolitical tensions including Trump’s bid to acquire Greenland drove safe-haven demand.
At 9:30 a.m. ET (1430 GMT), spot gold was up 2.1% at $4,865 per ounce, after rising as far as $4,887.82 earlier in the session. US gold futures for February delivery climbed nearly 2% to $4,858.3 per ounce.
In other metals, spot silver was steady at $94.61 an ounce, spot platinum was 1% higher at $2,487.05 per ounce, and palladium fell 0.9% at $1,849.25.
