US Stocks Rebound on Trump Hints Iran War Could Be Over Soon
Smoke and flames rise at the site of airstrikes on an oil depot in Tehran on March 8.
Photographer: Majid/AFP/Getty Images
US stocks erased losses as President Donald Trump said that the war with Iran was progressing ahead of schedule and that he was considering taking over the Strait of Hormuz.
The S&P 500 Index closed 0.8% higher in New York after an earlier 1.5% drop. Meanwhile, the tech-heavy Nasdaq 100 Index jumped 1.3%, returning to the green after wobbling between gains and losses throughout the session. Brent crude reversed course, dropping 1.6% to $91 a barrel, pulling back from almost $120.