On Monday, the US stock markets ended their rollercoaster ride. They opened in the red and seemed likely to close in that territory before President Donald Trump’s quote sparked a buying frenzy.
Trump told CBS News reporter Weijii Jiang that the war he started with Israel against Iran is “very over.”
The tweet quickly went viral and by 3:20 p.m. EST the market began to climb higher. After falling to an intraday low of -1.46%, the NASDAQ Composite ended Monday’s regular session with a gain of 1.38%. Similarly, the Dow Jones Industrial Average (DJIA) and S&P 500 were saved from sell-offs and rose 0.5% and 0.83%, respectively.
Crude oil was also in the spotlight as WTI crude fell 7.7% to below $84 a barrel on Sunday evening, after hitting a four-year high above $119 on Sunday evening.
Of course, the president is often criticized for speaking optimistically rather than factually, and so far there has been no indication that Iran is ready to come to the table. In earlier comments, Iranian officials have said they are not interested in a ceasefire that will simply allow the United States and Israel, which started the war by killing their Supreme Leader Ali Khamenei, to regain an offensive position. Iran has spent the last ten days rendering the radar systems of Israeli, American and Arab allies obsolete, which is why some observers believe Iran will seek to end the war on its own terms by exploiting its missile advantage.
