Every weekday, the CNBC Investing Club with Jim Cramer holds a “Morning Meeting” livestream at 10:20 a.m. ET. Here’s a recap of Wednesday’s key moments. 1. Stocks surged on Wednesday after President Donald Trump said he was pausing attacks on Iran for two weeks, giving investors a temporary reprieve from the five-week conflict that sent oil prices spiking and equities tumbling. The S & P 500 and Nasdaq jumped 2.15% and 2.6%, respectively. The Dow gained 2.35%. West Texas Intermediate crude futures plummeted over 17%. “We have a barn burner, and it is, I’d say, pretty widespread,” Jim Cramer said. 2. This session reminds investors why diversification is important. We’re glad we didn’t take war-induced hits by exiting underperforming stocks during the conflict. Many of those laggards are rallying. Home Depot, for example, is up more than 5% along with other “interest-rate sensitive” names. Industrials like Eaton and Dover were up big as well. The group benefits from more economic activity, which is expected once borrowing costs are lower. 3 . There was also a big run in the banks. Goldman Sachs gained 3.6%, while Wells Fargo rose 3.4%. Capital One shares rose 5.3%, but Cramer said he remains frustrated with the credit card issuer. “It’s not done what I’ve wanted it to,” he said, pointing to Capital One’s $5.15 billion acquisition of “second-rate” fintech firm Brex. “I’ve been very disappointed at the fact that it hasn’t put out any plan whatsoever on what that [deal] will look like, and so is everyone else,” he added. Even with Wednesday’s gain, Capital One is down 22% year to date. 4. Stocks covered in Wednesday’s rapid fire at the end of the video were: Levi Strauss , Delta Air Lines , and Apple. (See here for a full list of the stocks in Jim Cramer’s Charitable Trust.) As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust’s portfolio. If Jim has talked about a stock on CNBC TV, he waits 72 hours after issuing the trade alert before executing the trade. THE ABOVE INVESTING CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY , TOGETHER WITH OUR DISCLAIMER . NO FIDUCIARY OBLIGATION OR DUTY EXISTS, OR IS CREATED, BY VIRTUE OF YOUR RECEIPT OF ANY INFORMATION PROVIDED IN CONNECTION WITH THE INVESTING CLUB. NO SPECIFIC OUTCOME OR PROFIT IS GUARANTEED.