U.S. and Iran Moving Closer to Deal to End War, Markets Rally
Stock markets surged on reports the U.S. and Iran are nearing an agreement to end the war, with a potential deal including a moratorium on nuclear enrichment. The S&P 500 and Nasdaq hit record highs while oil prices dropped significantly.
Stock Market Records on Iran Deal Hopes
Stocks rose on Wednesday following a report that the U.S. and Iran were nearing an agreement to end the war. The S&P 500 advanced 1.46% to 7,365.12, while the Nasdaq Composite gained 2.02% and ended at 25,838.94. Both indexes touched new highs and closed at records.
Oil Price Decline
Axios reported, citing sources, that 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.
Sector Performance
Industrials was the leader, rising 2.7%, followed by information technology with a rise of 2.2%. Materials saw the third highest gain, as it advanced 2.1%. Chipmaker Advanced Micro Devices added to the gains, soaring 18.6% 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.