US stocks close with strong gains amid hopes of Iran ceasefire
US stocks closed with strong gains after Washington and Tehran agreed to a two-week ceasefire, with the Dow adding 2.85% and the Nasdaq composite rising 2.8%. The ceasefire announcement led to a plunge in oil prices, with US West Texas Intermediate futures dropping 14.5% to $96.52 a barrel.
The New York Stock Exchange closed with sharp gains after a ceasefire agreement between the US and Iran. The Dow added 2.85% to close at 47,909.92, while the Nasdaq composite rose 2.8% to 22,634.99. The S&P 500 climbed 2.51% to 6,782.81. Oil prices plunged following the news, with US West Texas Intermediate futures dropping 14.5% to $96.52 a barrel. European stocks also saw sharp increases, with the pan-European Stoxx Europe 600 index gaining 3.88%. The ceasefire agreement was announced after weeks of escalating conflict in the region.
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