Tesla Inc. shares surged 3.7% after the U.S. president announced the development of an agreement with Greenland. This growth also supported the overall market, with the S&P 500 index increasing by 1.2%. Easing trade tensions and the decision to abandon tariffs on Greenland contributed to a market recovery.

At the close of trading, Tesla shares were priced at $447.85, up 3.8% from the previous close. The volatility of Tesla’s shares remains high, demonstrating the significance of this news to the market.

Tesla’s shares have been known for their volatility over the past year, with 37 major moves recorded. The market views this news as important, but not drastically changing the company’s long-term outlook.

Tesla shares remain close to their 52-week high of $489.88. Investors who bought Tesla shares for $1,000 five years ago can now boast a return of $1,587.