The Dow Jones Industrial average retreated from its best levels on Thursday and haven assets surged as President Donald Trump used cryptic language to describe the possibility of increased hostilities against Iran. The Dow /zigman2/quotes/210598065/realtime DJIA +0.09% was most recently trading up about 120 points, or 0.4%, at 26,619, but had been at 26,761 at its intrasession peak, while the S&P 500 index /zigman2/quotes/210599714/realtime SPX +0.28% was up 0.5% at 2,940 off its highs, after setting an intraday record at 2,956.20. The president was asked if the U.S. would strike back after Iran shot down a U.S. drone in its airspace. He said at a news conference with Canadian President Justin Trudeau: "you'll soon find out." Trump issued a tweet saying that Iran "made a very big mistake," which he repeated at the news conference. Markets had been more buoyant after the Federal Reserve strongly implied that a rate cut could be warranted if economic conditions worsen.
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S&P 500 pulls back from all-time high as Trump raises threat of Iran strike