Stock market today: Dow, S&P 500, Nasdaq turn higher, oil slides as Trump says war could be over soon

March 9, 2026 - 21:39

Financial markets staged a sharp turnaround on Wednesday, erasing steep morning losses to close in positive territory. The dramatic shift coincided with comments from former President Donald Trump suggesting the ongoing Middle East conflict could conclude swiftly, easing investor anxiety.

Earlier in the day, oil prices had surged past the critical $100 per barrel threshold, stoking fears of prolonged inflation and a significant drag on global economic growth. This spike fueled a broad market selloff, with energy-sensitive sectors under particular pressure.

However, sentiment pivoted in the afternoon. The potential for a near-term de-escalation in the region prompted a rapid sell-off in crude oil, which slid from its multi-year highs. This relief rally propelled the major indices, with the Dow Jones Industrial Average, S&P 500, and Nasdaq Composite all climbing into the green by the closing bell.

Analysts caution that market volatility remains extremely high, driven almost entirely by geopolitical headlines. While the prospect of a shorter conflict provided a temporary boost, the fundamental economic uncertainties, including the path of inflation and central bank policy, continue to loom large over the financial landscape. Traders are braced for further sharp swings based on developments overseas.