Analysts have said market declines following geopolitical tensions usually do not persist once the initial shock wears off.
There was some good economic news to support markets, as the Commerce Department reported that the US trade deficit hit its lowest level in three years in November due to a drop in imports of crude oil, computers and industrial supplies. "On the one hand, we still don't know what to make of what's coming out of Iran. On the other, the economic data is just too good to ignore," analyst Chris Low of FHN Financial said."Couple that with low inflation and that's a recipe for decent wage growth, decent earnings growth. It's a pretty nice environment."
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