Stocks jumped higher and oil prices moved sharply lower on Wednesday after President Donald Trump said that Iran appears to be standing down in its recent conflict with the U.S.

The S&P 500 touched a new intraday all-time high, climbing seven-tenths of a percentage point. The Dow Jones Industrial Average gained 0.8 percent but remained below the all-time high set on January 2nd. The Nasdaq Composite rose 0.7 percent to hit an all-time high.

Oil prices dropped by more than 4 percent as the president’s remarks reassured traders that tensions with Iran would not escalate further.

President Trump’s remarks went even further than many investors expected, not only declaring that there would be no further military escalation but also saying that the U.S. wishes Iran a peaceful and prosperous future.