The Dow Jones Industrial Average rose 2.49%. The move came after reports that Iranian President Massoud Pezeshkian had issued a statement that Tehran was ready to end the war in exchange for security guarantees.
The S&P 500 Index increased by 2.91% and the Nasdaq Composite by 3.83%. All three major Wall Street indexes recorded their best day since May.
Crude oil futures also fell slightly. Brent crude oil futures for May delivery fell to $104.50. per barrel, and the price of American oil dropped slightly, to $101. per barrel.
The Wall Street Journal reported that President Donald Trump told aides he is willing to end hostilities in the Middle East even if the Strait of Hormuz remains largely closed.
Later, the New York Post reported that the president expressed confidence that the war with Iran would likely end soon and that other countries would take the initiative to reopen the Strait of Hormuz.
Technology stocks, which have been under pressure since the beginning of the conflict, rose sharply. Nvidia shares rose 5.6%. , and Microsoft – by 3.1%.
“The stock market likes any move to end a war, so we're relieved and up,” said Eric Diton, president of The Wealth Alliance. “But no, we're not safe yet.”
“If we don't solve the oil problem, the pressure will continue to increase,” Diton added.
