Wall Street Rebounds Amid Trump's Assurances on Greenland

Wall Street saw gains after President Trump's assurances against acquiring Greenland by force. His speech at Davos helped relieve market volatility, although uncertainty remained over U.S.-Europe trade relations. Positive earnings reports boosted banks and the energy sector, while Netflix and Kraft Heinz shares declined.

Wall Street benchmarks initially rose as President Donald Trump assured world leaders in Davos he would not pursue military action to acquire Greenland, labeling it a "big piece of ice." His remarks spurred a relief rally, with major indexes climbing over 1% and easing market volatility.

Despite the upbeat start, the Nasdaq Composite relinquished some gains amid ongoing uncertainty in U.S.-Europe trade relations, especially after the European Parliament suspended work on a trade deal with the U.S. Banks and energy sectors performed well, supported by robust earnings.

Nvidia and Alphabet rebounded, each increasing by around 1.5%. Banks reported positive earnings, with notable performances from Charles Schwab and Citizens Financial Group. Conversely, Netflix and Kraft Heinz suffered declines, the latter due to possible divestiture by Berkshire Hathaway.

(With inputs from agencies.)