Faced with a jihadist insurgency crisis in Iraq, President Barack Obama said Friday he would not be putting U.S. troops on the ground and that any other decisions will take days of planning.
Stocks remained in positive territory after Obama's announcement.
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The situation in Iraq has quickly devolved as Sunni fighters from the Islamic State of Iraq and al-Sham (ISIS) have seized Mosul--Iraq's second-largest city. Now these militants are reportedly only 40 miles from Shiite-led capital Baghdad, as Iraqi troop defections limit a quick response from the army.
"Although events on the ground in Iraq have been happening very quickly, our ability to plan ... is going to take several days, so people should not anticipate that this is something that is going to happen overnight," Obama said in a nationally broadcast address at the White House.
Obama's overarching message was that he would prefer to rely on a political solution that involved Iraqi leaders making concerted efforts to overcome sectarian divides.
"The United States will do our part, but understand that ultimately it is up to Iraq as a sovereign nation to solve their problems," he said.