U.S. stocks climbed toward records on hopes that the United States and Iran were backing away from the edge of war.

The rally capped a whirlwind of reversals.

Markets around the world initially reeled early Wednesday after Iran fired missiles at two military bases in Iraq that house U.S. troops, retaliation for a U.S. drone strike that killed an Iranian general.

But the selling abated as reports suggested no Americans died and after Iran’s foreign minister said his country had concluded “proportionate measures in self-defense.”

Stock gains accelerated after President Donald Trump said Iran “appears to be standing down.”

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