By Sruthi Shankar and Susan Mathew
(Reuters) - 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.
"The de-escalation nature of the speech is really what the market is focused on," said Michael Antonelli, market strategist at Robert W. Baird in Milwaukee.
"It's Trump essentially saying that we're not going to retaliate to the missile attacks last night."
Trump's latest comments sent the S&P 500 and the Nasdaq to all-time highs, previously hit on the first trading day of 2020 on hopes of a U.S.-China trade deal.
At 12:01 p.m. ET, the Dow Jones Industrial Average <.DJI> was up 204.40 points, or 0.72%, at 28,788.08, the S&P 500 <.SPX> was up 22.02 points, or 0.68%, at 3,259.20 and the Nasdaq Composite <.IXIC> was up 64.35 points, or 0.71%, at 9,132.94.
The blue-chip Dow was trading just below its all-time high as Boeing Co
Walgreens Boots Alliance Inc
Adding to the upbeat mood, the ADP National Employment Report showed private payrolls jumped by 202,000 jobs last month, much above the 160,000 rise expected by economists polled by Reuters.
Advancing issues outnumbered decliners for a 1.81-to-1 ratio on the NYSE and a 1.64-to-1 ratio on the Nasdaq.
The S&P index recorded 54 new 52-week highs and no new lows, while the Nasdaq recorded 85 new highs and 9 new lows.
(Reporting by Sruthi Shankar and Susan Mathew in Bengaluru; Editing by Sriraj Kalluvila, Maju Samuel and Shounak Dasgupta)
This story has not been edited by Firstpost staff and is generated by auto-feed.
Find latest and upcoming tech gadgets online on Tech2 Gadgets. Get technology news, gadgets reviews & ratings. Popular gadgets including laptop, tablet and mobile specifications, features, prices, comparison.
Updated Date: Jan 09, 2020 00:05:42 IST