Some saw this renewed geopolitical risk as a trigger to scale back some of their long-held positions and lock in gains.

“We have been selling and trimming out of our larger, longer holdings,” Trip Miller, a managing partner at Gullane Capital Partners, told the WSJ. “As valuations have gone up, we’ve found more to do on the short side.”

Further supporting the equity markets, a measure of U.S. consumer confidence rose in August to the second highest reading since late 2000, and home-price growth rose slightly in June due to upward pressure form limited inventory and improving demand.

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