Stocks Rise on Greenland Deal, Zelenskiy Slams Europe, More
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What are the latest market trends on Wall Street?
News when you want it with Bloomberg News Now. I'm Nathan Hager. A jubilant start to the trading day on Wall Street. That is the sound of the opening bell from the floor of the New York Stock Exchange on this Thursday morning. What a start it is with the S&P 500 up two-thirds of 1%, a gain of more than 40 points, trading above 6,900 at the start. The Dow Jones Industrial Average is higher by six-tenths of 1%, a gain of 280 points. And the Nasdaq Composite is leading the way with a gain of nearly 1% or more than 220 points. It is a wave of relief on Wall Street with signs of cooling tensions at Davos. President Trump says he has the framework of a future deal on Greenland.
I'll get you everything we wanted. including especially real national security.
And now the president says he won't impose tariffs on countries that had opposed his push to control the island. A European official tells Bloomberg the deal entails U.S. missiles on Greenland, a bolstered NATO presence, and mining rights aimed at keeping China out. Commerce Secretary Howard Lutnick says the president's Golden Dome will cover the Arctic.
I mean, it's obvious we care about it for national security because if you're going to build a Golden Dome, over the United States of America, right? Wouldn't you prefer the Golden Dome cover Greenland?
Commerce Secretary Howard Lutnick spoke with Bloomberg surveillance at Davos after President Trump's tariff threat. Denmark's pension fund for teachers said it will exit U.S. Treasuries this month. Greenland's pension fund says it's reconsidering U.S. stocks. President Trump told Fox Business this morning there would be big retaliation if European countries sell U.S. assets. Today, President Trump met with Ukrainian leader Volodymyr Zelensky at Davos, and he says that get-together went well.
Last month they had 30,000 people killed, 30,000 mostly soldiers. And it's really a war that has to end.
President Trump met with Zelensky for about an hour before his envoys, Steve Witkoff and Jared Kushner, head to Moscow for talks with Vladimir Putin. Zelensky is speaking now at the World Economic Forum at Davos with unusually critical remarks of his European allies. The Ukrainian president says they need to, quote, wake up and learn how to defend themselves. His tone has been almost mocking as he asks what the point is of sending a small contingent of military personnel to Greenland. He says it's about 40. Zelensky's even gone so far as to say Ukraine can offer help to defend Greenland. President Trump has kicked off his Board of Peace initiative at the World Economic Forum with a host of world leaders who share his populist views.
Bloomberg's David Gurra. has more on that.
He went ahead with the ceremony where he officially launched this board, even though details are still pretty scant and major key allies of the U.S. opted not to join it. So who was on stage? A great question.
What is the significance of Trump's Greenland deal?
Javier Malay of Argentina. Was there Victor Orban of Hungary? A lot of representatives from Middle East nations. I should say none from sub-Saharan Africa. I think 60 total were invited to join this board and membership, of course, came with a price tag of a billion dollars at least.
Bloomberg's David Gore reports President Trump said the group will work in conjunction with the United Nations. Several allies had expressed concerns it might supplant the U.N. More eyes could be on Capitol Hill this morning with former special counsel Jack Smith due to testify in his first open hearing in his investigations into President Trump. Last month, Smith testified behind closed doors standing by his decision to bring charges over efforts to overturn the 2020 election and for the president keeping classified documents at Mar-a-Lago. Vice President J.D. Vance is headed to Minneapolis today. Tensions are still high there over the federal immigration crackdown and the shooting death of Renee Good.
The White House says Vance will meet with ICE personnel and give a speech against Minneapolis' sanctuary policies. About half the country is bracing for a massive winter storm that promises to bring frigid cold and inches of snow to the eastern seaboard.
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