Wall Street Rebounds as Trump Halts February 1 Tariff Threat

• Wall Street indices, including Dow Jones, S&P 500, and Nasdaq, rebounded significantly after President Trump announced he would not implement tariffs on European allies from February 1.
• The Dow Jones gained nearly 600 points, and the S&P 500 had its best day since November, with over 400 stocks showing gains.
• Smallcap stocks outperformed the S&P 500 for the 13th consecutive session, the US Dollar rebounded, and the rally in Gold and Silver cooled.
• Trump mentioned a productive meeting with NATO Secretary General Mark Rutte regarding a framework for a future deal with Greenland, benefiting the US and NATO.
• The European Parliament had previously suspended a trade deal with the US due to persistent tariff threats, but Europe has not yet reacted to Trump's latest tariff reversal.

Why It Matters: Wall Street rallied after Trump backed off from imposing tariffs on European allies, easing trade tensions.