Stocks Jump to All Time Highs After Trump’s Iran Speech

US President Donald Trump gives a thumbs up during a Keep America Great Rally at Kellogg Arena December 18, 2019, in Battle Creek, Michigan. (Photo by Brendan Smialowski / AFP) (Photo by BRENDAN SMIALOWSKI/AFP via Getty Images)
BRENDAN SMIALOWSKI/AFP via Getty Images

Stocks jumped higher and oil prices moved sharply lower on Wednesday after President Donald Trump said that Iran appears to be standing down in its recent conflict with the U.S.

The S&P 500 touched a new intraday all-time high, climbing seven-tenths of a percentage point. The Dow Jones Industrial Average gained 0.8 percent but remained below the all-time high set on January 2nd. The Nasdaq Composite rose 0.7 percent to hit an all-time high.

Oil prices dropped by more than 4 percent as the president’s remarks reassured traders that tensions with Iran would not escalate further.

President Trump’s remarks went even further than many investors expected, not only declaring that there would be no further military escalation but also saying that the U.S. wishes Iran a peaceful and prosperous future.

 

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