Friends

The line that the U.S. would not use force to take Greenland allowed market participants to take a sigh of relief and stocks moved higher at the open. Yes, the President delivered a very lengthy speech in Davos this morning, but the markets were focused on the de-escalation aspect of the Greenland situation. Stocks added a second gear to the advance when the President announced this afternoon that the Greenland situation is close to resolved with no additional tariffs needed.

By the close, the Dow Jones Industrial Average was up 588 points to finish the day at 49,077. The S&P 500 was up 78 points to close at 6,875. The Nasdaq Composite Index was up 270 points to close at 23,224. Gold was up $55 to trade at $4,821 per ounce, while oil was up $.30 to trade at $60.66 per barrel WTI.

As we have mentioned, global headlines are driving the market averages at the moment. Hopefully, we can get focused back on corporate earnings, especially with the big tech companies scheduled to release results next week. In the meantime, we’ll monitor the headlines and the markets reactions.

Have a nice evening everyone.