US stock market closes higher after Trump hints that Iran war might be ending

US stocks completed a rollercoaster ride on Monday. They opened in the red and looked likely to close in that territory before a quote from President Donald Trump ignited a buying spree.

Trump told CBS News reporter Weijia Jiang that the war he launched with Israel against Iran is “very complete”.

The tweet went viral quickly and by 3:20pm EST the market was jetting upward. After sinking to a daily low of -1.46%, the NASDAQ Composite ended Monday’s regular session up 1.38%. Likewise, the Dow Jones Industrial Average (DJIA) and S&P 500 indices got rescued from sell-offs to end up 0.5% and 0.83%, respectively.

Oil was also a focal point as WTI crude sank 7.7% on the news to below $84/barrel after reaching a four-year high late Sunday night above $119.

Of course, the President is often chided for speaking optimistically rather than in facts, and so far there is no word that Iran is prepared to come to the table. In prior comments, Iranian officials have said they are not interested in a ceasefire that will simply allow the US and Israel, who launched the war by killing their Supreme Leader, Ali Khamenei, to regain an offensive footing. Iran has spent the past ten days rendering Israeli, US and Arab allies’ radar systems obsolete, so some observers believe Iran will seek to end the war on its own terms via its superior missile advantage.