Here's what happened to the stock market on Wednesday

CNBC Markets Now: January 08, 2020
CNBC Markets Now: January 08, 2020

Dow Jones Industrial Average rises 161 points

The Dow jumped 161.41 points, or 0.56% to end the day at 28,745.09. The S&P 500 climbed 0.49% to 3,253.05. The Nasdaq Composite advanced 0.67% to 9,129.24. The gains came as fears of a full-blown escalation between Iran and the U.S. dissipated.

Wall Street sees big turnaround

The market moves between Tuesday night and Wednesday's close could have given any investor whiplash. Stock futures tanked overnight before recovering into the morning. Wall Street then followed up with a broad rally after President Donald Trump's remarks eased concerns about intensifying U.S.-Iran relations. Trump said Iran appears to be "standing down" after attacking Iraqi airbases housing U.S. troops. Bottom line, the market could resume its upward trajectory from 2019 if tensions between the two countries remain in check.

Netflix and Apple rise

Netflix shares rose 2.57% while Apple's stock advanced 1.61% to lead Wall Street's gains on Wednesday. Delta Air Lines was among the S&P 500's best performers, climbing 2.15%.

What happens next?

Weekly jobless claims data are set for release on Thursday along with KB Home earnings. Read more here.

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