US Market recovers as Iran-US tensions ease

The US stock market finished session higher on Wednesday, 08 January 2020, on positive corporate updates from chipmakers and after remarks by President Trump suggested the U.S. and Iran were refraining from further military action following attacks on U.S. bases overnight, in retaliation for last week's killing of Maj. Gen. Qassem Soleimani by American forces. At closing bell, the Dow Jones Industrial Average added 161.41 points, or 0.56%, to 28,745.09, the S&P 500 index gained 15.87 points, or 0.5%, to close at 3,253.05, and the Nasdaq Composite Index was up 60.66 points, or 0.67%, at 9,129.24.

Iranian forces fired missiles overnight at military bases housing US troops in Iraq, in response to the US killing of Iranian General Qassem Soleimani, a move that initially sent shivers across global markets. However, comments from Iranian foreign minister that the country did not seek an escalation and Trump's tweet that "All is well!" kept markets in the positive territory. Adding to the upbeat mood, the ADP National Employment Report showed private payrolls jumped by 202,000 jobs last month, much above rise expected by economists.

Shares of Boeing closed 1.8% lower after a 737 airplane suffered a fatal crash shortly after takeoff in Tehran en route to Kyiv, Ukraine, killing all 167 passengers and nine crew members on board.

Constellation Brands Inc. rose 3.6% after the beer, wine and spirits company raised its outlook for the full year

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