Stocks rose on Wednesday, while oil prices declined to start the month, as hope grew that an end to the U.S.-Iran war was on the horizon.
The Dow Jones Industrials index flew 431.44 points to 46,772.95.
The S&P 500 index captured 71.47 points, to 6,599.89.
The NASDAQ hiked 349.88 points, or 1.6%, to 21,940.50
President Donald Trump said in a post on Truth Social Wednesday morning that Iran’s president has asked the U.S. for a ceasefire. However, the U.S. will consider the offer when the Strait of Hormuz is “open, free, and clear,” Trump added, writing that “until then, we are blasting Iran into oblivion or, as they say, back to the Stone Ages!!!”
This comes after the president told reporters at the White House late Tuesday that he expects the U.S. military forces will leave Iran in “two or three weeks.”
The moves came after an unconfirmed report said that Iranian President Masoud Pezeshkian was open to ending the war with guarantees.
He made similar remarks earlier this month, saying in an X post that the “only way to end this war ... is recognizing Iran’s legitimate rights, payment of reparations, and firm int’l guarantees against future aggression.”
Investors will get more clues on the path forward for the U.S.-Iran war Wednesday at 9 p.m. ET, with Trump set to deliver an address “to the nation to provide an important update.”
Shares in Nike tumbled almost 9% Tuesday after its North America revenue came in at $5.03 billion, while analysts surveyed by LSEG had expected $5.04 billion. The “Just Do It” company also offered a weak sales outlook for its current quarter.
Nike opened Wednesday off $7.22, or 13.7%, to $45.61.
Bank of America is trading at a discount, and investors would be wise to scoop up shares of the bank, according to HSBC Global Investment Research. The stock which trades under the symbol BAC gained 62 cents a share, or 1.3%, to $49.37.
Prices for the 10-year Treasury were higher, lowering yields to 4.30% from Tuesday’s 4.32%. Treasury prices and yields move in opposite directions.
Oil prices toppled $1.51 to $99.87 U.S. a barrel.
Gold prices accelerated $130.20 to $4,777.80 U.S. an ounce.
