Stocks recover as Trump signals Iran conflict could end soon

Stocks reversed course from steep losses late March 9 after President Donald Trump suggested the U.S.-Iran conflict could end sooner than expected, with many observers suggesting the President’s comments eased investor fears that the fighting would severely disrupt global oil supplies.

Trump told a CBS News reporter late in the afternoon that “the war is very complete, pretty much,” describing Iran’s military as devastated and saying the U.S. was “very far” ahead of its initial four-to-five-week timeline.

Earlier in the day, Brent crude — the global benchmark for oil prices — had surged to about $119 per barrel, its highest level since 2022, according to Reuters. 

Following the President’s remarks, oil prices tumbled to about $90 per barrel, according to The Financial Times. Major indexes also turned positive in afternoon trading.

“The S&P 500 fell more than 1 percent at the open of trading on Monday, but recouped much of those losses by midday,” The New York Times reported. “The president’s comments lifted the S&P 500 to a 0.8 percent gain for the day, recouping some of last week’s 2 percent loss.”

The Times attributed the rebound to Trump’s remarks soothing worries about prolonged disruption to global oil supplies and energy markets following earlier selling pressure tied to the war’s escalation.

Similarly, The Wall Street Journal reported that the benchmark index’s intraday reversal came as investors interpreted the president’s comments as a signal of possible de-escalation.

The S&P 500 fell as much as 1.5% shortly after the open, then closed at 6,795.99 — its biggest reversal from an intraday loss to a gain in nearly a year. The swing came after CBS correspondent Weijia Jiang posted Trump’s comments on X at about 3:16 p.m. ET, according to trading data cited by Yahoo Finance.