US stocks climb some more after Trump calls off his tariffs for Greenland

NEW YORK (AP) — U.S. stocks rose again Thursday and regained more of their losses for the week following the latest walk back by President Donald Trump from tariffs he had earlier threatened.

The S&P 500 gained 0.5% and added to its big gain from Wednesday, when Trump said he had reached “the framework of a future deal with respect to Greenland” and called off 10% tariffs for European countries that he said opposed his having the Arctic island. The index has recovered most of the losses it took after Trump shook financial markets with his initial tariff threat.

The Dow Jones Industrial Average climbed 306 points, or 0.6%, and the Nasdaq composite rose 0.9%.

It’s the latest example of Trump making a big, initial threat, only to pull back after seeing how much pain it created in financial markets. The pattern has led to the “TACO” acronym, suggesting that “Trump Always Chickens Out” if markets react strongly enough. Tuesday’s drop for the U.S. stock market was the worst since October and large enough that Trump, who often takes credit when Wall Street is doing well, acknowledged “the dip.”

But the pattern has also led to deals for Trump that outsiders may have initially considered unlikely if not for his market-shaking opening moves.

Details are still sparse about the framework of a deal on Greenland that Trump said he reached with the head of NATO. And it is not a signed deal yet.

Financial markets were still showing some signs of nervousness on Thursday. Gold’s price swiveled between small losses and gains before turning 1.6% higher. Its price often rises when investors are looking for something safer to own. The value of the U.S. dollar also weakened against the euro and several other foreign currencies.

But Treasury yields held relatively steady in a signal that foreign investors weren’t rushing out of the U.S. bond market.

Yields got some support from reports on the U.S. economy’s strength that came in better than expected. One said fewer U.S. workers applied for unemployment benefits last week than economists expected in a potential signal that the pace of layoffs remains low. A second suggested the U.S. economy grew at a faster rate during the summer than the government initially estimated.

A third said that inflation in November was close to economists’ expectations, while spending by U.S. consumers was a touch better than expected.

The yield on the 10-year Treasury climbed as high as 4.28% following the reports, but it later eased to 4.25% from 4.26% late Wednesday.

On Wall Street, Northern Trust climbed 6% after reporting a stronger profit for the end of 2025 than analysts expected. CEO Michael O’Grady also said that the financial services company is entering 2026 with “strong momentum across all our businesses.”

Procter & Gamble added 2.6% after likewise delivering a better profit than analysts expected. Revenue for the company behind the Downy, Pantene and Tide brands, though, fell just shy of expectations amid what CEO Shailesh Jejurikar called a “challenging consumer and geopolitical environment.”

Shares of BitGo, a company that helps crypto businesses and traditional financial firms hold and manage digital assets, rose 2.7% in their debut on the New York Stock Exchange. The company priced its stock at $18 per share in its initial public offering, above its earlier estimated range of $15 to $17.

JPMorgan Chase rose 0.5% after a lawsuit filed by Trump against the bank caused minor ripples for its stock. Trump accused JPMorgan Chase of closing his accounts for political reasons after he left office in 2021.

They helped offset an 8.1% drop for spice seller McCormick & Co., whose profit fell short of expectations. CEO Brendan Foley said it continues to face rising costs because of “a shifting global trade environment.”

All told, the S&P 500 rose 37.73 points to 6,913.35. The Dow Jones Industrial Average added 306.78 to 49,384.01, and the Nasdaq composite gained 211.20 to 23,436.02.

In stock markets abroad, indexes climbed across Europe and Asia amid relief on Trump’s walk back of tariffs.

Japan’s Nikkei 225 jumped 1.7%, and Germany’s DAX returned 1.2% for two of the world’s bigger moves.

Global markets also got support from a continued easing of long-term yields in Japan’s bond market. They had spiked early in the week on worries that Japan’s popular prime minister could make moves that would add heavily to the government’s already big debt.

But the 40-year Japanese government bond yield has come back since hitting a record and dropped below 4% on Thursday after hitting 4.22% on Tuesday.

AP Business Writers Chan Ho-him and Matt Ott contributed.

Trader Drew Cohen,; left, and Specialist Patrick King work on the floor of the New York Stock Exchange, Thursday, Jan. 22, 2026. (AP Photo/Richard Drew)

Trader Vincent Napolitano works on the floor of the New York Stock Exchange, Thursday, Jan. 22, 2026. (AP Photo/Richard Drew)

Trader Edward Curran works on the floor of the New York Stock Exchange, Thursday, Jan. 22, 2026. (AP Photo/Richard Drew)

Options traders Anthony Spina, second left, and Brian Garvey, right, work on the floor of the New York Stock Exchange, Wednesday, Jan. 21, 2026. (AP Photo/Richard Drew)

Specialist Anthony Matesic, left, and trader Edward Curran work on the floor of the New York Stock Exchange, Wednesday, Jan. 21, 2026. (AP Photo/Richard Drew)

Trader Daniel Krieger is framed by his computer monitors as he works on the floor of the New York Stock Exchange, Wednesday, Jan. 21, 2026. (AP Photo/Richard Drew)

Specialist Meric Greenbaum works at his post on the floor of the New York Stock Exchange, as a television shows President Donald Trump speaking at the World Economic Forum, Wednesday, Jan. 21, 2026. (AP Photo/Richard Drew)

Trader Michale Smyth works on the floor of the New York Stock Exchange as President Donald Trump speaks at the World Economic Forum, Wednesday, Jan. 21, 2026. (AP Photo/Richard Drew)

Currency traders celebrate as they work in the office with a screen showing the Korea Composite Stock Price Index (KOSPI), center, of over 5,000 points at the foreign exchange dealing room of the Hana Bank headquarters in Seoul, South Korea, Thursday, Jan. 22, 2026. (AP Photo/Ahn Young-joon)

A currency trader passes by a screen showing the Korea Composite Stock Price Index (KOSPI) and the foreign exchange rate between U.S. dollar and South Korean won, left, at the foreign exchange dealing room of the Hana Bank headquarters in Seoul, South Korea, Thursday, Jan. 22, 2026. (AP Photo/Ahn Young-joon)

Currency traders celebrate as they work in the office with a screen showing the Korea Composite Stock Price Index (KOSPI), center, of over 5,000 points at the foreign exchange dealing room of the Hana Bank headquarters in Seoul, South Korea, Thursday, Jan. 22, 2026. (AP Photo/Ahn Young-joon)

Currency traders celebrate as they work in the office with a screen showing the Korea Composite Stock Price Index (KOSPI), center top, of over 5,000 points at the foreign exchange dealing room of the Hana Bank headquarters in Seoul, South Korea, Thursday, Jan. 22, 2026. (AP Photo/Ahn Young-joon)

JEFFERSON CITY, Mo. (AP) — Missouri gambling regulators on Thursday rejected a request from the NCAA to restrict bets on the performance of college athletes in response to recent betting scandals, but left open the possibility of revisiting the issue as the state's fledgling sports betting market gets better established.

The action by the Missouri Gaming Commission came just a week after the NCAA sent a letter to state gambling oversight boards asking them to ban college athlete prop bets — a popular type of wager focused on what individual players will do in a game, like scoring a certain amount of points in basketball or surpassing a particular passing yardage in football. The NCAA also urged states to ban certain other specialty bets, such as wagers on whether a team will trail by a particular point spread at halftime of a game.

The NCAA contends such bets are ripe for manipulation by athletes facing pressure, harassment or bribes from bettors. It pointed to last week's federal indictment of more than two dozen people for alleged bribery, wire fraud and conspiracy in a scheme that involved more than 39 players on more than 17 NCAA Division I men’s basketball teams attempting to rig more than 29 games.

But Missouri gambling regulators said they didn't want to change the state's rules less than two months after legal sports betting launched in the state. Missouri became the 39th — and latest — state to allow sports betting on Dec. 1 under a state constitutional amendment that narrowly won voter approval.

“I just don’t feel that I have enough information to grant a request by the NCAA to prohibit this type of sports wagering, because I don’t know enough yet,” commission chair Jan Zimmerman said.

Legal sports betting has spread quickly across the U.S. since the Supreme Court cleared the way for states to adopt it in 2018. Through the first 11 months of 2025, legal sportsbooks generated $15 billion in revenue, up over 17% from the same period a year earlier, according to the American Gaming Association. Missouri has not yet reported its initial sports betting revenues.

Prop bets on professional athletes are currently allowed in every state that has legalized sports betting. But states have widely differing rules for bets on college athletes.

More than a dozen states place no limits on collegiate prop bets while nearly an equal number prohibit all such bets. Missouri is among several states that fall somewhere in between. It prohibits prop bets on athletes playing in games involving Missouri colleges and universities but allows them for all other collegiate games.

The NCAA in 2023 began encouraging states to adopt restrictions on bets involving college athletes. Since then, Louisiana, Maryland, Ohio and Vermont have joined the ranks of states banning individual prop bets on college athletes.

NCAA President Charlie Baker said in his recent letter to state gambling regulators that his office “regularly hears concerns from schools and student-athletes across the country on the impacts of sports betting,” including about prop bets.

In written comments to the Missouri Gaming Commission, a sports betting industry group said its members played an integral role in detecting and disclosing to authorities the unscrupulous betting involved in last week's indictment.

Rather than providing grounds to restrict bets on college athletes, the Sports Betting Alliance said the case highlights how legal sportsbooks can help catch instances of wrongdoing that might otherwise go undetected if people placed prop bets through unregulated bookies.

The alliance — which includes Bet365, BetMGM, DraftKings, FanDuel and Fanatics Betting & Gaming — argued that the NCAA's request didn't meet Missouri's criteria for regulatory revisions and “should not trigger a radical change” to the state's new sports betting industry.

Others also expressed opposition to the betting limits backed by the NCAA.

Restricting prop bets on college athletes would drive gamblers to "offshore and illegal operators” with fewer consumer protections, Kansas City sports wagerer Chuck Kucera said in written comments to the commission.

“The NCAA's efforts would be better directed toward player education, internal compliance, and enforcement of its own rules,” Kucera wrote.

FILE - Advertisements for sports betting apps are seen in downtown Kansas City, Mo., Nov. 29, 2025. (AP Photo/Charlie Riedel, File)