Stocks pared some of yesterday's selloff to settle higher on Wednesday, with President Trump easing geopolitical fears at the World Economic Forum in Davos after he said he will not use force to acquire Greenland. Trump also abandoned new tariffs on Europe, noting he and NATO Secretary General Mark Rutte "formed a framework of a future deal with respect to Greenland.” The Dow added 588 points, while the S&P 500 and Nasdaq settled firmly higher as well. Following the tariff announcement, the 10-year Treasury price and U.S. dollar edged higher.

GOLD EXTENDS RECORD RALLY

Oil prices edged higher on Wednesday, as investors eyed potentially higher U.S. crude inventories, rising geopolitical and trade tensions, as well as Kazakhstan's temporary field shutdowns. Front-month West Texas Intermediate (WTI) crude added 3 cents to settle at $60.39 per barrel.

Gold prices extended yesterday's rally and conquered the $4,800 level for the first time as President Trump continued to seek U.S. control of Greenland. February-dated gold futures added 1.7% to $4,844.20 per ounce. 

More By This Author: