The major averages reversed course and surged after President Trump said he wouldn’t use military force in Greenland and then later announcing a deal framework with NATO over Greenland. The Dow Jones Industrial Average surged 588 points, or 1.21%, to end at 49,007.23. The S&P 500 gained 78 points or 1.16% to close at 6,875 while the Nasdaq Composite advanced 270 points or 1.18% to settle at 23,224.

Interest rates moved lower after a sharp spike the other day. The yield on the 10-year Treasury was down more than 4 basis points to 4.25%. topping out at 4.3% at the high on Tuesday. The 30-year Treasury bond was more than 5 basis points lower at 4.87%, while the 2-year Treasury note dipped a basis point to 3.59%.

It was a risk on day in the markets and tech sector. Micron was up 6%, Nvidia was up nearly 3% while software was one of the few sectors not to participate. Oracle and Microsoft were down over 2%.

In the commodity space, oil was quiet as tensions remain high with Iran. Gold rose 1.4% while silver was down nearly 2%. Crypto currencies were lower, but reversed course with the major averages, closing in the green, but less than a percent.  

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