On the 23rd (local time), Iran launched 14 missiles at a U.S. military base in Qatar, while the New York stock market closed with gains. Iran's restrained retaliatory response eased concerns over escalating tensions in the Middle East and the blockade of the Strait of Hormuz.

On the 23rd (local time), the New York Stock Exchange (NYSE) appears / AFP=Yonhap News

On that day, the Dow Jones Industrial Average closed at 42,581.78, up by 374.96 points (0.89%) from the previous trading day. The Standard & Poor's (S&P) 500 index rose by 57.33 points (0.96%) to 6,025.17, while the technology-focused Nasdaq Composite Index closed up by 183.57 points (0.94%) at 19,630.98.

As Iran's retaliatory attack showed restraint, concerns about further escalation in the Middle East eased. Iran fired missiles at the U.S. military base in Qatar on that afternoon. This was in retaliation for the U.S. strike on three of Iran's nuclear facilities on the 21st.

U.S. President Donald Trump maintained a restrained attitude towards Iran's retaliatory attack. He noted that Iran's response was "very weak," but added, "I want to thank Iran for not having casualties by notifying them in advance (of the attack plan)."

Expectations for an early interest rate cut by the Federal Reserve, the Central Bank of the United States, also positively impacted the market. Michelle Bowman, Vice Chair of the Federal Reserve, indicated during a speech hosted by the Czech Central Bank that "if inflation remains subdued, I would support a rate cut as early as next month's monetary policy meeting."

International oil prices plummeted amid eased tensions in the Middle East. On that day, at the London ICE Futures Exchange, the price of Brent crude futures for the near-month fell by $5.53 (7.2%) to $71.48 per barrel. At the New York Mercantile Exchange, the closing price for West Texas Intermediate (WTI) crude futures also dropped by $5.33 (7.2%) to $68.51 per barrel.