Stocks rally, oil prices fall amid talk of Iran ceasefire
US stocks rose and global oil prices fell amid talks of a potential Iran ceasefire, with the S&P 500 index up 0.4% and the Nasdaq Composite closing 0.7% higher. The price of US crude oil was down 1.4% to around $90 per barrel, after initially rising in response to Iran's negative response to the US peace plan proposal.
US stocks rose on Wednesday, with the S&P 500 index up 0.4% and the Nasdaq Composite closing 0.7% higher. The Dow jumped 305 points. Global oil prices fell, with US crude oil down 1.4% to around $90 per barrel. The price of oil has soared over 30% since the start of the war on February 28. The US has proposed a 15-point peace plan, but Iran has responded negatively. Pakistan has offered to mediate talks to end the hostilities. The US is sending over 1,000 additional troops to the Middle East. The market has experienced several days of volatility, with traders and investors reacting to constant headlines about the war in Iran.
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