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S&P 500, Nasdaq hit record highs as U.S.-Iran escalation fears fade

January 08, 2020 / Sruthi Shankar, Susan Mathew

The S&P 500 and the Nasdaq hit record highs on Wednesday after President Donald Trump said there were no American casualties in the Iranian missile strikes and that Tehran appeared to be standing down, sparking a relief rally in markets. Iranian forces fired missiles overnight at military bases housing U.S. troops in Iraq, in response to the U.S. killing of Iranian General Qassem Soleimani, a move that initially sent shivers across global markets and drove U.S. stock futures down over 1%. However, comments from Iranian foreign minister that the country did not seek an escalation and Trump’s tweet that “All is well!” kept markets in the positive territory. “The fact that we have this great military and equipment, however, does not mean we have to use it,” Trump said at a White House briefing later in the day.