Stocks settled higher on Wednesday, despite continued uncertainty over whether there will be a peace deal between the U.S. and Iran, after the latter rejected President Donald Trump's 15-point peace plan. Iran returned with a five-point proposal of its own, including control over the Strait of Hormuz. Market sentiment leaned optimistic, sending the Dow and Nasdaq to their second triple-digit win this week, while the S&P 500 advanced as well. Chip stocks were behind some of these gains, while crude continued its retreat.
Oil Pulls Back as Major Indexes Resume Recovery
Crude prices fell once again as investors U.S.-Iran negotiations, with the latter signaling sage passage for "non-hostile" vessels through the Strait of Hormuz. Front-month May-dated West Texas Intermediate (WTI) crude futures rose 2.5% to finish at $90.08 per barrel.
A retreat in Treasury yields and return to safe havens pushed gold futures higher on Wednesday. April-dated gold futures added 3% to finish at $4,558.60 an ounce.
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