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Investors banking on Trump backing off threats

The Dow surged more than 1,000 points on Wednesday after President Trump backed off his threat to attack Iran and agreed to a two-week ceasefire. Robert Armstrong, U.S. financial commentator for the Financial Times, previously coined the phrase "TACO trade," with TACO standing for "Trump always chickens out," to encapsulate how investors buy low and sell high as markets react to the president's threats and eventual lack of action. Armstrong joined CBS News to discuss.

White House rejects Iran media report on Hormuz

An Iranian news agency linked to the country's military reported on Wednesday that traffic through the Strait of Hormuz was suspended, which would violate the ceasefire agreement reached with the U.S. on Tuesday. According to the Iranian news organization, the suspension of traffic is over Israel's continued attacks on Hezbollah in Lebanon. The White House says the reports that the Strait is closed are false. CBS News' Imtiaz Tyab and Ed O'Keefe report, and Will Todman, a senior fellow in the Middle East program at the Center for Strategic and International Studies, has more.

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