Oil prices sank, and stock markets burst higher worldwide with hopes that a deal is nearing to allow tankers to deliver crude from the Persian Gulf again.
The price for a barrel of Brent fell below $102 Wednesday. On Wall Street, the S&P 500 climbed 1.5% and reached another record. The Dow Jones Industrial Average added 1.2%, and the Nasdaq composite rose 2%.
Stock markets abroad jumped even more. Oil prices pared their steepest drops from the morning, though, and Wall Street has seen past hopes for an end to the Iran war get dashed several times.
On Wednesday:
The S&P 500 rose 105.90 points, or 1.5%, to 7,365.12.
The Dow Jones Industrial Average rose 612.34 points, or 1.2%, to 49,910.59
The Nasdaq composite rose 512.82 points, or 2%, to 25,838.94.
The Russell 2000 index of smaller companies rose 41.77 points, or 1.5% to 2,886.77.
For the week:
The S&P 500 is up 135 points, or 1.9%.
The Dow is up 411.32 points, or 0.8%.
The Nasdaq is up 724.50 points, or 2.9%.
The Russell 2000 is up 73.95 points, or 2.6%.
For the year:
The S&P 500 is up 519.62 points, or 7.6%.
The Dow is up 1,847.30 points, or 3.8%.
The Nasdaq is up 2,596.95 points, or 11.2%.
The Russell 2000 is up 404.86 points, or 16.3%.
