President Donald Trump said late Tuesday that the North Korean ballistic missile launch is "a situation that we will handle."
North Korea fired a ballistic missile early Wednesday local time from South Pyongyang Province, according to reports citing the South Korean military.
The type of missile fired is not yet known. The governments of both South Korea and the U.S. are said to be investigating details surrounding the launch.
"We confirm that we have detected a North Korean ballistic missile launch," South Korean military officials told NBC News. NBC reported that U.S. officials have also confirmed the launch.
"A missile was launched from North Korea which appears to have landed within Japan's exclusive economic zone," the Japanese prime minister's office tweeted, according to CNBC. "As soon as new information comes in, we will let you know."
This missile launch is the first from North Korea since Sept. 15, when a missile flew over northern Japan and landed in the Pacific Ocean. The early Wednesday launch came about one week after President Donald Trump redesignated North Korea as a state sponsor of terrorism
Following the report, defense stocks rallied..
On Tuesday afternoon, Boeing Co. (BA - Get Report) gained 0.82%, Lockheed Martin Corp. (LMT - Get Report) rose 0.75%, Northrop Grumman Corp. (NOC) increased 1.55% and Raytheon Co. (RTN - Get Report) climbed 1.09%.
More of What's Trending on TheStreet: