Wall Street surged Thursday afternoon after President Donald Trump announced he had called off planned military strikes against Iran, citing diplomatic progress that he said had reached the highest levels of Tehran’s leadership. The Dow Jones Industrial Average climbed 698 points, the S&P 500 gained nearly 78 points, and the Nasdaq Composite advanced 350 points, a broad rebound that followed a punishing selloff the day before.
The reversal came just hours after Trump had posted on Truth Social that the United States would hit Iran “VERY HARD TONIGHT” and seize “total control” of Iran’s oil and gas industries. That threat followed two days of escalating back-and-forth attacks between Washington and Tehran that had pushed the Middle East closer to full-scale war.
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