War, huh? You would never know it judging by the stock market on Wednesday.
U.S. equity markets were on the verge of record closes, only hours after an Iranian missile strike on a pair of U.S. Iraqi bases in retaliation for the killing of Iranian Maj. Gen. Qassem Soleimani put America on the brink of all-out war with the Islamic Republic.
“All of our soldiers are safe and only minimal damage was sustained at our military bases,” the president said. Check out: What Iran’s missile attack on U.S. forces in Iraq may say about the Islamic Republic’s ballistic capability “No doubt worries over Iran have investors on edge,” said LPL Financial senior market strategist Ryan Detrick. “Stocks could be volatile for a while, but the impact to stocks from geopolitical events historically has tended to be short-lived.”Indeed, the LPL analyst said the S&P 500 has declined 5% on average in 20 major geopolitical events dating back to the attack on Pearl Harbor in 1941. However, the S&P 500 recovered those losses in fewer than 50 calendar days on average.
On average, though, it has taken about 47 trading days for the market to come back to form. It appears to be taking only a day on Wednesday.
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