US stocks rose significantly on Tuesday, approaching their all-time high, as oil prices dropped further due to hopes for a ceasefire in the Israel-Iran conflict. The S&P 500 climbed 1.1%, following gains in Europe and Asia, after President Donald Trump announced a “complete and total ceasefire” between Israel and Iran.
The Dow Jones Industrial Average jumped 507 points, or 1.2%, while the Nasdaq composite rose 1.4%. Oil prices fell sharply, with benchmark US crude falling 6% to settle at $64.37. This drop has lifted pressure on inflation and may give the Federal Reserve leeway to cut interest rates.
The Fed has been cautious about cutting rates this year, but some of Trump’s appointees have suggested they may consider reducing rates soon. Fed Chair Jerome Powell indicated that the next move is likely to be a rate cut, although he didn’t specify when it would happen.
In other news, Carnival rose 6.9% after delivering stronger-than-expected earnings, while Uber Technologies and Coinbase Global surged higher as well. The S&P 500 rose 67.01 points to 6,092.18, and the Dow Jones Industrial Average climbed 507.24 to 43,089.02, with indexes in several countries also rising at least 1% due to the announcement of the ceasefire.
Source: https://apnews.com/article/stocks-markets-oil-iran-tariffs-rates-d5713bc60bcc433702b215076d2d35fe