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Jim Cramer Responds to the Market Reaction After the Iran Missile Attacks

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Late Tuesday night, Iran launched over a dozen missiles aimed at two U.S. air bases based in Iraq.

Following the attacks, there were no reports of any American casualties at either base

Iran's Islamic Revolutionary Guard Corps said it fired 15 missiles at two U.S. airbase installations in Iraq in retaliation for the drone strike Jan. 3 that killed Iranian General Qassem Soleimani.

The Pentagon released a statement from Assistant to the Secretary of Defense for Public Affairs Jonathan Hoffman confirming reports of the attacks on the U.S. military base in Iraq by Iran.

Futures plummeted, with the Dow down over 400 points, on Tuesday night.

But on Wednesday, when the markets opened, they were only down slightly. 

Jim Cramer, when asked whether or not the market reaction was appropriate, he responded that there are two markets. 

"Well, there are two markets. There's the market that's based on employment and interest rates and the Fed. And then there's the market that's based on terrorism, the Middle East and oil. And I have a piece in Real Money today that basically explains it," explained Cramer.

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