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Nasdaq closes at record on fading Iran fears

Credit: Reuters Studio
Published on January 8, 2020 - Duration: 02:02s

Nasdaq closes at record on fading Iran fears

Wall Street rallied on Wednesday with the Nasdaq setting a record closing high as tensions between the U.S. and Iran failed to escalate after Tehran fired missiles at U.S. forces in Iraq.

Conway G.

Gittens reports.

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Nasdaq closes at record on fading Iran fears

The Nasdaq closed at a record high Wednesday after comments from President Trump and Iranian officials soothed concerns the two sides were headed for an armed conflict after Iran fired missiles at U.S. forces in Iraq.

Investor relief was spread across the board with the Dow and S&P 500 finishing higher as well.

Global oil prices tumbled as supply concerns eased.

The Middle East is going to be a wild card for markets for some time to come, warns Gerber Kawasaki president and CEO Ross Gerber.

SOUNDBITE (ENGLISH): ROSS GERBER, PRESIDENT AND CEO, GERBER KAWASAKI, SAYING: "I think investors thinking that this is sort of the end of the story and I can go back to just investing and not worry about Iran - I think that's a big mistake.

So we expect hightened volatility and I think investors should position their portfolio for this volatility and use this oppportunity to rebalance so that you can be comfortable if there is going to be a 10 or 15 percent correction.

Are you comfortable with your position right now.

So I think it also bodes well for investments like gold." Boeing shares dropped after an Ukranian Airlines Boeing 737 crashed after take-off from Tehran.

Engines used in the plane were made by a co-owned unit of General Electric.

That stock fell as well.

All 176 people on board were killed.

The 737-800NG used by the airline was only three years old.

It's one of the world's most-flown planes and is a different model from the 737MAX that's been grounded for nearly a year after two deadly plane disasters.

Intelligence souces told Reuters the likely cause of Wednesday's crash was a technical malfunction.

Meanwhile, New economic data lent some optimism to the overall market.

Private hiring surged in December by a bigger-than-expected 202,000, according to payroll processor ADP.

Investors will get the Labor Department's more comprehensive December jobs report on Friday.

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