Why did U.S. stocks surge after Trump's tariff announcement?
Here's your Closing Bell Brief for Wednesday, January 21st. I'm Catherine Sullivan for The Wall Street Journal. U.S. stocks surged today after President Trump called off planned tariffs on Europe.
The move followed a new framework for a deal with NATO regarding Greenland. The Dow, the S&P 500, and Nasdaq all rose about 1.2 percent. Elsewhere, gold prices extended a record rally to close above $4,800.
Among individual companies, Netflix shares slid 2.2 percent on concerns about the streaming company's cash flow and outlook, along with news that it would pause buybacks. Arm Holdings shares rose 6 percent after analysts at Susquehanna upgraded the stock.
United Airlines shares moved over 2 percent higher after the carrier forecast earnings would jump this year, boosted by bigger spending travelers. Delta Airlines shares also rose. And Kraft Heinz shares fell almost 6% after the company said top shareholder Berkshire Hathaway might sell its stake.
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