Wall Street traders propelled the stock market upward following its most significant decline since last October, as US President Donald Trump indicated the nation does not intend to use excessive force to acquire Greenland. Bond yields moved lower alongside the US dollar. At 10:00 AM New York time, the S&P 500 Index climbed 0.8%, with more than 400 constituent stocks advancing, pushing the index back into positive territory for the year. The Nasdaq 100 Index also rose 0.8%, while the Dow Jones Industrial Average gained 0.7%. This uptick followed a broad-based, cross-asset sell-off against a backdrop of geopolitical risks, which some analysts termed a resurgence of the "sell America" trade. Small-cap stocks continued their outperformance streak, beating the major US benchmark indices for the 13th consecutive session, whereas large-cap technology companies lagged behind the broader market. A closely-watched stock volatility gauge retreated sharply from its highest level since November. Brian Jacobsen of Annex Wealth Management noted that the key takeaway was not what Trump said, but what he omitted. "He did not reiterate tariff threats against Europe, did not state the administration would use force to acquire Greenland, and did not say he would cap credit card rates, instead asking Congress to do so," Jacobsen added. "While the style remains quintessentially Trump, the substance felt somewhat restrained." The yield on the 10-year US Treasury note was largely unchanged at 4.28%. The US dollar declined by 0.2%.
Comments