The S&P 500 and the Nasdaq hit record highs on Wednesday after US 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 one per cent.
However, comments from Iranian foreign minister that the country did not seek an escalation and Mr. Trump's tweet that "All is well!" kept markets in the positive territory.
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