Stocks rose on Wednesday following a report that the U.S. and Iran were nearing an agreement to end the war.
The Dow Jones Industrials index rocketed 465.60 points to kick off the midweek session at 49,763.85.
The S&P 500 soared 64.51 points to 7,323.73.
The NASDAQ spiked 293.87 points, or 1.2%, to 25,620, a new all-time high.
Axios reported the U.S. and Iran were getting close to a deal that would bring a resolution to the conflict. According to the report, the agreement would include a moratorium on nuclear enrichment.
An Iranian foreign ministry spokesperson also told reporters Iran was evaluating a U.S. proposal toward a resolution.
President Donald Trump signaled later Wednesday that a deal was not certain, however, saying it was a “perhaps, a big assumption” Iran would agree to the U.S. proposal. Equity prices came off their highs following the post.
Trump also said late Tuesday that he is pausing “Project Freedom,” the U.S.’s plan to guide ships out of the Strait of Hormuz. In a Truth Social post, he cited “the fact that Great Progress has been made toward a Complete and Final Agreement with Representatives of Iran,” as a driver behind the decision.
Chipmaker Advanced Micro Devices added to the gains, soaring 17% after the company issued a rosy outlook for the second quarter. AMD also beat expectations on the top and bottom lines in the first quarter. The report lifted the broader chipmaker sector.
Prices for the 10-year Treasury gained, dropping yields to 4.36% from Tuesday’s 4.42%. Treasury prices and yields move in opposite directions.
Oil prices sank $6.13 to $96.14 U.S. a barrel.
Gold prices accelerated $148.60 to $4,718.60 U.S. an ounce.
