Dow surges 1,100 points, S&P 500 posts best day since May as hopes grow for end of Iran war: Live updates

The Dow Jones Industrial Average was up 1,125.37 points, or 2.49%, and closed at 46,341.51. The move came after an unconfirmed report said Iranian President Masoud Pezeshkian was open to ending the war with guarantees. The S&P 500 gained 2.91% to end at 6,528.52, and the Nasdaq Composite advanced 3.83% to 21,590.63. All three indexes posted their best day since May.

To be sure, Pezeshkian made similar remarks earlier this month, saying in a post on X that the “only way to end this war — ignited by the Zionist regime & [U.S.] — is recognizing Iran’s legitimate rights, payment of reparations, and firm int’l guarantees against future aggression.”

The Wall Street Journal reported that President Donald Trump had told aides he was willing to end military hostilities in the Middle East even if the Strait of Hormuz remained largely shut. The New York Post later reported the president said he believes the Iran war will likely end soon, with other nations taking the lead in reopening the Strait of Hormuz.

Technology, which has been under pressure since the conflict began, rose broadly. The Technology Select Sector SPDR Fund (XLK) closed more than 4% higher. Nvidia climbed 5.6%, and Microsoft advanced 3.1%.

“Any steps toward ending the war overall, the stock market likes, and so, you are getting that relief rally,” said Eric Diton, president at The Wealth Alliance. “But no, we’re not out of the woods.”

“The bottom line is, if we haven’t solved the oil problem, then that continues to put pressure,” Diton added.

Brent crude prices remained higher after Bloomberg reported that Iran struck a Kuwaiti oil tanker in Dubai waters. The Dubai government’s media office said in a post on X that no injuries were reported and that “the safety of all 24 crew members has been secured.”

Brent crude futures settled up 4.94% at $118.35 per barrel — the highest close since June 16, 2022. However, West Texas Intermediate futures settled down 1.46% at $101.38 per barrel.

The Nasdaq remains more than 10% off its recent intraday high. The Dow and the S&P 500 are down by more than 8% and 6%, respectively, from their most recent highs.

Tuesday marks the final day of the month. The S&P 500 lost 5.1% in March for its worst monthly performance since 2022. The Dow dropped 5.4%, snapping a 10-month winning streak. The Nasdaq declined 4.8%.

The major averages also posted a losing quarter. The Nasdaq led the way among the three indexes in losses for the period, shedding more than 7%. The S&P 500 slid 4.6%, and the Dow dropped 3.6%.

The Russell 2000 small-cap index bucked that trend, however, rising about 0.6% in the quarter.

Correction: An earlier version said that the three major averages declined in Monday’s session. Only the S&P 500 and the Nasdaq Composite booked losses.