By Staff Reporter
Posted on 01/08/20
| News Source: FOX Business
"The United States will immediately impose additional punishing economic sanctions on the Iranian regime. These powerful sanctions will remain until Iran changes its behavior" Trump said while noting that Iran appears to be "standing down."
Buying following Trump's speech ran the Nasdaq Composite to record highs while the S&P 500 and Dow Jones Industrial Average finished just off their own peaks. The major averages gave up some of their gains just ahead of the closing bell after there were reports of two explosions in Baghdad.
Every sector in the S&P 500 rallied with the exception of energy and utilities, which fell in tandem with oil prices.
West Texas Intermediate crude oil plunged 4.9 percent to $59.61 per barrel level after hitting an overnight high of $65.65. Meanwhile, Brent crude oil, the international benchmark, fell to $65.63 per barrel after rallying to $71.99 on Tuesday evening. Energy stocks, like ExxonMobil and Chevron, were also under pressure.
Gold reversed course from an almost 7-year high of $1,613.30, which came in the immediate aftermath of Tuesday night's attack. The precious metal closed down $19.90, or 1.3 percent, at $1,554.10 an ounce.
Elsewhere, Defense stocks traded mixed as Raytheon paced the gains and Northrop Grumman trailed.
Boeing shares were under pressure after a 737-800 aircraft crashed shortly after takeoff from Tehran’s Imam Khomeini International Airport, killing all 176 people aboard.
Tesla shares squeezed higher after receiving after Argus Research raised its price target to $556 from $396 late Tuesday. The electric-vehicle maker has gained 17.6 percent so far this year. Read more at FOX Business