EDITOR'S NOTE
Phew, that was scary.
Stocks rallied Wednesday after taking a 400 point nosedive in overnight trading following Iran's attack on Iraqi air bases. There were no reported casualties, oil infrastructure wasn't targeted and President Donald Trump didn't escalate with another military action.
Investors reacted with "a sigh of relief rally," said Art Cashin, director of floor operations at the NYSE for UBS, on CNBC’s “Squawk Alley.”
Well, that was quick. Perhaps too quick. But U.S. conflicts with Iran haven't had lasting effects on stocks, writes CNBC's Fred Imbert. Usually, within a week or six months, stocks are higher after initial hostilities.
The world remains awash in oil, and many believe the U.S. no longer needs to tread lightly in the Middle East to keep the fuel flowing.
"We are independent," Trump said Wednesday, "and we do not need Middle East oil.”
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