Wall Street gains on tariff relief & strong GDP data, Meta Platforms climbs 3%, GE Aerospace dips 5.4%

Major US stock indices gained on Thursday on cooling geopolitical tensions after President Donald Trump backed off from tariffs threat on European nations over Greenland acquisition.

The market sentiments were also boosted by latest US economy data for third quarter. The inflation-adjusted gross domestic product (GDP) rose at a revised 4.4% annualized rate, the fastest in two years.

Official data showed US initial jobless claims steadied at 200,000 last week after a volatile holiday season.

At 11:27 a.m. ET, the Dow Jones Industrial Average rose 410.16 points, or 0.84%, to 49,487.39, the S&P 500 gained 47.41 points, or 0.69%, to 6,922.96 and the Nasdaq Composite gained 238.25 points, or 1.03%, to 23,463.07.

At 10:14 a.m. ET, the Dow Jones Industrial Average rose 241 points, or 0.49%, to 49,318.83, the S&P 500 gained 22.15 points, or 0.32%, to 6,897.77 and the Nasdaq Composite gained 124.51 points, or 0.54%, to 23,349.3.

At the opening bell, the Dow Jones Industrial Average rose 0.81%. The S&P 500 rose 0.70%, while the Nasdaq Composite rose 0.97%.

President Trump also said that he had a “good” meeting with Ukrainian President Volodymyr Zelenskiy and expressed renewed hope the war Russia has started four year ago is going to end.

Key Stock Movers

Among the megacap stocks, Alphabet, Tesla and Apple surged nearly 1% each, while Meta Platforms climbed 3%.

Northern Trust shares rallied 6.3% after the firm reported a stronger quarterly profit.

Procter & Gamble stock rose 2% after the company posted better than expected profit.

GE Aerospace shares dipped 5.4% despite rhe firm’s forecast of annual profit above Wall Street estimates.

Power generator maker Generac shares jumped 3.4% as a potentially catastrophic ice storm prepares to hit a large swath of the US.

Abbott stock tumbled 7% after the medical device maker forecast current-quarter profit below Wall Street expectations.

Alibaba Holdings’ US-listed shares soared 6.2% after Bloomberg News reported the Chinese e-commerce firm is preparing to list its chipmaking arm, T-Head.

Bullion Market

Gold prices retreated on Thursday as risk appetite improved after President Donald Trump dialed back his threats of Greenland‑related tariffs.

As of 08:57 a.m. ET (1357 GMT), spot gold fell 0.4% to $4,819.39 per ounce, after falling nearly 1% earlier in the session. US gold futures for February delivery slipped 0.3% to $4,821 per ounce.

Among other metals, spot silver edged up 0.2% at $93.47 an ounce, after hitting a record high of $95.87 on Tuesday.

Spot platinum surged 1.5% to $2,520.45 per ounce and palladium added 1.1% to $1,860.25.

Crude Oil

Oil prices dropped on Thursday after Trump softened threats against Greenland and Iran.

At 1301 GMT, Brent crude edged down $1.25 cents, or 1.92%, at $63.99 a barrel.

West Texas Intermediate for March lost $1.24 cents, or 2.05%, to $59.38 a barrel.