Stocks rose on Wednesday after President Donald Trump spoke about an attack by Iran on an Iraqi airbase that hosts American troops, which had led to a massive sell-off in overnight trading.

The Dow Jones Industrial Average gained 213 points, or 0.8%. The Nasdaq Composite advanced 0.7% and hit an all-time high. The S&P 500 also climbed 0.7% and hit a record high as well.

Trump said Iran appeared to be “standing down” after the nation attacked the Al Asad airbase overnight. However, he added the U.S. will “immediately impose additional punishing economic sanctions on the Iranian regime.”

“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,” said Art Cashin, director of floor operations at the NYSE for UBS, on CNBC’s “Squawk Alley.”

The president’s comments pressured safe havens such as gold as investors flocked back into riskier assets. Gold futures for February delivery dropped 0.9% to $1,560 per ounce. Overnight, the precious metal jumped to its highest level in about seven years.

Investors around the globe had been bracing themselves for a bigger conflict between Iran and the U.S. after last week’s assassination of Gen. Qasem Soleimani, a top-ranking Iranian military official. But so far there have been no reports of casualties. The attacks did not target oil infrastructure, boosting investor sentiment as well. Read more at CNBC