On Wednesday, following President Trump’s address to the nation on Iran, the S&P 500 hit a record high, gaining 0.7%.
According to CNBC, the Dow Jones Industrial Average gained 213 points or 0.8%, and the Nasdaq Composite advanced 0.7% and hit an all-time high.
During President Trump’s speech, he indicated that Iran appears to be “standing down,” bringing relief to U.S. markets, as the crisis with Iran seems to be deescalating.
While speaking on CNBC’s “Squawk Alley,” Art Cashin, director of floor operations at the New York Stock Exchange for UBS, he said, “Now, as the president has to some degree defused some of the anxiety, so you’re getting … a little bit of a sigh of relief rally here.”
The sigh of relief can be seen across the market, with records being made across the board.