The line in Trump’s Davos speech that stock markets cared most about

After a brief sell-off in the run-up to Donald Trump’s speech to global leaders at the World Economic Forum in Davos, Switzerland, on Wednesday, markets are up, after the president backed off earlier claims and ruled out using force to acquire Greenland.

The Dow Jones Industrial Average was up 451 points, or about 1%, and the S&P 500 was up 67 points, also about 1%, in midday trading at the time of this writing. The Nasdaq was up about 0.7%.

On the issue of acquiring Greenland...