WASHINGTON (dpa-AFX) - Following the substantial rally seen over the course of the previous session, stocks are showing another strong move to the upside during trading on Wednesday. The major averages continue to regain ground after plunging to their lowest levels in almost eight months.
Currently, the major averages are just off their highs of the session. The Nasdaq is up 309.77 points or 1.4 percent at 21,900.40, the S&P 500 is up 61.97 points or 1 percent at 6,590.49 and the Dow is up 402.19 points or 0.9 percent at 46,743.70.
The extended the rally on Wall Street comes amid optimism about an end to the U.S. war with Iran following the latest comments by President Donald Trump.
Speaking to reporters at the White House on Tuesday, Trump said he expects U.S. military forces to leave Iran in 'two or three weeks.'
Trump argued that the U.S. does not have to reach a negotiated settlement to end the war with Iran, calling a deal 'irrelevant' because 'everything's been bombed out.'
However, Trump claimed in a Truth Social post this morning that Iran's new regime president has asked for a ceasefire, which he said the U.S. would consider when the Strait of Hormuz is 'open, free, and clear.'
'Until then, we are blasting Iran into oblivion or, as they say, back to the Stone Ages!!' Trump said.
In response to Trump's post, a report from Al Jazeera said an Iranian official clearly denied that Tehran has requested a ceasefire.
The White House has revealed Trump will deliver an address to the nation at 9 pm ET tonight to provide an important update on Iran.
The price of crude oil is extending yesterday's pullback following Trump's comments, with U.S. crude oil futures falling below $100 a barrel.
Sector News
Gold stocks are extending yesterday's rally as the price of the precious metal continues to surge, driving the NYSE Arca Gold Bugs Index up by 5 percent.
Substantial strength is also visible among airline stocks, with the NYSE Arca Airline Index soaring by 3.7 percent.
Networking, computer hardware and semiconductor stocks are also seeing significant strength, contributing to the jump by the tech-heavy Nasdaq.
Steel. Financial and biotechnology stocks are also showing strong moves to the upside, while energy stocks are bucking the uptrend amid the steep drop by the price of crude oil.
Other Markets
In overseas trading, stock markets across the Asia-Pacific region moved sharply higher during trading on Wednesday. Japan's Nikkei 225 Index soared by 5.2 percent, while Hong Kong's Hang Seng Index shot up by 2 percent.
The major European markets have also shown strong moves to the upside on the day. While the German DAX Index is up by 2.7 percent, the French CAC 40 Index is up by 2.1 percent and the U.K.'s FTSE 100 Index is up by 1.7 percent.
In the bond market, treasuries have moved modestly higher over the course of the session. As a result, the yield on the benchmark ten-year note, which moves opposite of its price, is down by 1.4 basis points at 4.297 percent.
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