Topline
President Donald Trump told the New York Post on Tuesday that U.S. military forces will not need to be in Iran “much longer,” sending most stocks soaring in what marks a major turnaround for markets that have tumbled in the wake of the war against Iran that began in February.
A Wall Street sign is seen outside of the New York Stock Exchange in New York, Monday, March 30, 2026. (AP Photo/Seth Wenig)
Copyright 2026 The Associated Press. All rights reserved.
Key Facts
Trump told the Post, “We’re not going to be there too much longer,” claiming the U.S. was “obliterating the s—” out of Iran.
The president said “we have more work to do in terms of killing their offensive, whatever offensive capability they have left.”
The Nasdaq spiked in the early afternoon and was up 3.8% less than half an hour before market close, erasing losses over the last two days of trading.
The Dow Jones Industrial Average jumped 2.4%, with components of the index including Goldman Sachs, JPMorgan Chase, Microsoft and Caterpillar all rising at least 3% on Tuesday.
The S&P 500 surged 2.9%, its highest intraday increase in over a month.
Some companies comprising the S&P 500 including Nvidia, Google, Meta and Tesla all popped at least 4%.
Tuesday was the best day of trading for each of the indexes since May 12, 2025.
Big Number
At least 5%. That is how much the major indexes have fallen in the past month of trading, tumbling for weeks after the U.S. and Israel launched strikes against Iran at the end of February.
Tangent
The consumer confidence index surprisingly jumped in March on favorable views of the job market, though the increase was tempered by long-term pessimism and concerns of inflation and the Iran war.
Key Background
Following initial strikes against Iran, Trump has been fixated on controlling the Strait of Hormuz—a crucial shipping and oil chokepoint off the coast of Iran. After failing to rally European allies to join U.S. efforts to control the strait, Trump egged on allies Tuesday to “go get your own oil” from the Strait of Hormuz or buy from the U.S. On Monday, the president threatened to attack Iran’s electric plants, oil wells and desalination plants if a deal to end the war was not reached “shortly.” Iranian President Masoud Pezeshkian said his country has “the necessary will to end this war” but expects guarantees to “prevent the recurrence of aggression.” Trump has reportedly mulled ending the war against Iran without reopening the Strait of Hormuz, according to The Wall Street Journal.
Further Reading
Trump Tells Allies To ‘Get Your Own Oil’ From Strait Of Hormuz Or Buy From U.S. (Forbes)
Economic Confidence Jumps Unexpectedly Among Americans—But Concerns Rise Over Inflation (Forbes)