President Donald Trump promised to immediately impose “punishing” new economic sanctions on Tehran and pulled back from War with Iran on Wednesday, saying that Tehran appeared to be “standing down” after firing missiles.

US President Trump in a televised address to the nation from the White House, emphasized there were “no Americans harmed” in the ballistic missile salvo aimed at two bases.

While he promised to immediately impose “punishing” new economic sanctions on Tehran, Trump welcomed signs the Islamic republic “appears to be standing down” in the tit-for-tat confrontation.

The comments cooled what threatened to become an uncontrolled boiling over of tensions after Trump ordered the killing last Friday of a top Iranian general, Qasem Soleimani.

Trump ended his remarks with a call for peace, he opened by stating that he would never allow Iran to procure a nuclear weapon. He then urged European allies and other world powers to follow America s lead in abandoning an international agreement on managing the country s nuclear ambitions.

In New York, the Nasdaq stock market index surged to a record high of 9,129.24.