WASHINGTON (dpa-AFX) - Stocks moved mostly higher during trading on Wednesday, adding to the substantial gains posted in the previous session. The major averages all moved to the upside, with the tech-heavy Nasdaq posting a standout gain.
The major averages gave back some ground in afternoon trading after a morning rally but remained firmly positive. The Nasdaq jumped 250.32 points or 1.2 percent to 21,840.95, the S&P 500 climbed 46.80 points or 0.7 percent to 6,575.32 and the Dow rose 224.23 points or 0.5 percent to 46,565.74.
The extended the rally on Wall Street came 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.'
The president 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.'
Trump later 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.'
However, 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 has extended yesterday's pullback following Trump's comments, with U.S. crude oil futures falling below $100 a barrel.
Sector News
Gold stocks extended Tuesday's rally as the price of the precious metal continued to surge, driving the NYSE Arca Gold Bugs Index up by 4.3 percent.
Substantial strength was also visible among airline stocks, with the NYSE Arca Airline Index soaring by 2.8 percent.
Semiconductor, networking and computer hardware also saw significant strength, contributing to the jump by the tech-heavy Nasdaq.
Steel, financial and pharmaceutical stocks also showed strong moves to the upside, while energy stocks came under pressure 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 also showed strong moves to the upside on the day. While the German DAX Index spiked by 2.7 percent, the French CAC 40 Index surged by 2.1 percent and the U.K.'s FTSE 100 Index jump by 1.9 percent.
In the bond market, treasuries showed a lack of direction over the course of the session before closing slightly lower. 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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