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Stocks rose on Tuesday following new reports giving investors hope that the U.S.-Iran war could soon come to an end.
The Dow Jones Industrials index popped 1,124.94 points, or 2.5%, to 46,341.08, after an unconfirmed report said Iranian President Masoud Pezeshkian was open to ending the war with guarantees.
The S&P 500 index perked 184.72 points, or 2.9% to 6,528.44
The NASDAQ sprang up 795.99 points, or 3.8%, to 21,590.63.
The S&P 500 is down more than 5% in March. If that decline holds, it would be the benchmark’s worst monthly performance since 2022. The Dow as well as the NASDAQ have also fallen more than 5%, and the 30-stock index is set to snap a 10-month winning streak.
Moreover, the major averages are likewise on pace to post a losing quarter. The NASDAQ shedding more than 7%. While the S&P 500 has lost 5%, and the Dow has dropped about 4%.
The Wall Street Journal reported that President Donald Trump had told aides he was willing to end military hostilities in the Middle East even if the Strait of Hormuz remained largely shut.
Technology, which has been under pressure since the conflict began, rose broadly. Nvidia climbed 3%, and Microsoft advanced more than 1%.
Still, crude prices remained higher after Bloomberg reported that Iran struck a Kuwaiti oil tanker in Dubai waters. The Dubai government’s media office said in a post on X that no injuries were reported and that “the safety of all 24 crew members has been secured.”
Prices for the 10-year Treasury gained, lowering yields to 4.32% from Monday’s 4.34%. Treasury prices and yields move in opposite directions.
Oil prices dished off 99 cents to $101.89 U.S. a barrel.
Gold prices gained $152.00 to $4,678.00 U.S. an ounce.
