Several videos:
These show that despite being in broad daylight, explosions, tracers, rocket exhaust, etc all still create a strong glow.
Rocket strafing & explosive cannon rounds: http://youtu.be/liAnvVyf4e8
Airbursting 155mm artillery rounds: http://youtu.be/v8eLH3VbJOQ
JDAM strike: http://youtu.be/l1OqbwtIPy4
We have a static "flame" represented by two 2D textures on the back of the missile models, but they do not actually emit any light during the day, unlike the first video shows. Similarly, the particles in the explosions that are meant to represent combustion do not appear to emit any light at all unless it is dark.