Stocks jumped on Wednesday following reports that the U.S. has given Iran a plan to bring the conflict to an end, sending crude prices tumbling.
The Dow Jones Industrials recovered 334.53 points to 46,467.63
The S&P 500 hiked 50.9 points to 6,607.23
The NASDAQ surged 264.29 points, or 1.2%, to 22,026.18.
Gains in shares of technology supported the broader market Wednesday, with Nvidia, AMD and Intel all jumping. Stocks that would benefit from a solid economy also gained with financials and industrials in the green.
The Associated Press, citing unnamed officials in Islamabad, reported that Iran has received a 15-point proposal from the U.S. to end the war. The New York Times had first reported that the U.S. sent Iran a peace plan. The plan was delivered by way of Pakistan, that outlet said, citing two unnamed officials.
To be sure, the two countries appear to be very far apart and attacks from both sides have continued. The Wall Street Journal report that the U.S. is deploying the Army’s 82nd Airborne Division to the Middle East.
The peace plan report comes after Trump earlier Tuesday said that the U.S. is “in negotiations right now” with Iran. He added that Tehran is “talking sense” and suggested it is eager to make a peace deal.
Iran state media has said the country won’t accept U.S. ceasefire efforts, however.
Prices for the 10-year Treasury hiked, lowering yields to 4.33% from Tuesday’s 4.39%. Treasury prices and yields move in opposite directions.
Oil prices declined $3.70 to $88.65 U.S. a barrel.
Gold prices jumped $155.90 to $4,557.90 U.S. an ounce.
