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)

BANGKOK (AP) — Myanmar’s parliament on Friday elected Min Aung Hlaing, a general who ousted Aung San Suu Kyi’s civilian government in 2021 and kept an iron grip on power for the past five years, as the country’s new president.

The move marks a nominal return to an elected government but is widely considered as an effort to keep the army in power after an election organized by the military that opponents and independent observers deemed neither free nor fair.

Transitioning to an elected government is also seen as a way to improve frosty relations with Asian neighbors following the military takeover. China and Russia have supported the military administration, while Western powers imposed sanctions.

Min Aung Hlaing was one of three nominees for the president’s post, but was virtually guaranteed the job as lawmakers from military-backed parties and appointed members from the army hold a commanding majority in parliament.

The vote was held in the newly renovated parliament building in the capital, Naypyitaw, which was damaged in last year’s earthquake.

Aung Lin Dwe, speaker of parliament’s combined upper and lower house, announced that Min Aung Hlaing won 429 out of the 584 votes.

The two runners-up become vice presidents. Nyo Saw, a former general, had served as an adviser to Min Aung Hlaing, and Nan Ni Ni Aye, an ethnic Karen politician from the pro-military Union Solidarity and Development Party, will be the country’s first female vice president. They are expected to be inaugurated next week.

Min Aung Hlaing, who holds the rank of senior general, had earlier relinquished his post of commander-in-chief because the constitution prohibits the president from simultaneously holding the top military position. A close aide, Gen. Ye Win Oo, took over the powerful job.

The 69-year-old Min Aung Hlaing had been the military chief since 2011. Under the military-imposed constitution, he held significant powers even before overthrowing Suu Kyi’s government.

Parliament members were elected in three phases in December and January. Major opposition parties, including Suu Kyi’s former ruling National League for Democracy, were either blocked from running or refused to compete under conditions they deemed unfair. Suu Kyi, 80, is serving a 27-year prison term on charges widely viewed as politically motivated.

Myanmar was under military rule from 1962 until 2016, when Suu Kyi’s party came to power, and won an even greater mandate in the 2020 general election. The army took seized control in 2021, before the new Parliament could convene.

Peaceful protests against military rule were put down with deadly force, pushing pro-democracy activists to turn to armed resistance and ally themselves with ethnic minority groups who have been battling for greater autonomy for decades.

Much of the country has been enmeshed in a bloody civil war. Security concerns meant voting in the recent election could be held in only 263 of the country’s 330 townships.

“If Min Aung Hlaing thinks that an official civilian title will shield him from prosecution for the many grave violations of international law that he is accused of overseeing as head of the military, that is not how international justice works," Amnesty International Myanmar researcher Joe Freeman said in statement.

In 2024, the International Criminal Court in The Hague began an investigation on charges of crimes against humanity after a prosecutor applied for an arrest warrant for Min Aung Hlaing over the military’s brutal persecution of the Rohingya minority.

Parliament chairman Aung Lin Dwe, center, arrives for a session of Union Parliament in Naypyitaw, Myanmar, Friday, April 3, 2026. (AP Photo/Aung Shine Oo)

FILE - Senior Gen. Min Aung Hlaing, head of Myanmar's military council, inspects officers during a parade to commemorate Myanmar's 78th Armed Forces Day in Naypyitaw, Myanmar, March 27, 2023. (AP Photo/Aung Shine Oo, File)

Myanmar's military representatives and lawmakers arrive to attend a session at Union parliament in Naypyitaw, Myanmar, Friday, April 3, 2026.(AP Photo/Aung Shine Oo)

Myanmar's military representatives arrive for a session at Union parliament in Naypyitaw, Myanmar, Thursday, April 2, 2026. (AP Photo/Aung Shine Oo)

Myanmar's military representatives arrive for a session at Union parliament in Naypyitaw, Myanmar, Friday, April 3, 2026. (AP Photo/Aung Shine Oo)

Parliament chairman Aung Lin Dwe arrives for a session of Union Parliament in Naypyitaw, Myanmar, Friday, April 3, 2026. (AP Photo/Aung Shine Oo)

Parliament chairman Aung Lin Dwe, center, arrives for a session of Union Parliament in Naypyitaw, Myanmar, Friday, April 3, 2026. (AP Photo/Aung Shine Oo)