The U.S. stock market rebounded after President Donald Trump called off Greenland-related tariffs that he had threatened to impose on Europe.

The S&P 500 rallied 1.2% Wednesday after Trump said he reached the framework of a deal about Greenland, an island he’s long coveted, and won’t impose tariffs he had threatened on several European countries. The index recovered about half the ground it lost a day earlier.

The Dow Jones Industrial Average also rose 1.2%, as did the Nasdaq composite. Treasury yields eased in the bond market. They also got some help from a calming of government bond yields in Japan.

On Wednesday:

The S&P 500 rose 78.76 points, or 1.2%, to 6,875.62.

The Dow Jones Industrial Average rose 588.64 points, or 1.2%, to 49,077.23.

The Nasdaq composite rose 270.50 points, or 1.2%, to 23,224.82.

The Russell 2000 index of smaller companies rose 52.81 points, or 2%, to 2,698.17.

For the week:

The S&P 500 is down 64.39 points, or 0.9%.

The Dow is down 282.10 points, or 0.6%.

The Nasdaq is down 290.56 points, or 1.2%.

The Russell 2000 is up 20.43 points, or 0.8%.

For the year:

The S&P 500 is up 30.12 points, or 0.4%.

The Dow is up 1,013.94 points, or 2.1%.

The Nasdaq is down 17.17 points, or 0.1%.

The Russell 2000 is up 216.27 points, or 8.7%.