Stocks settled firmly higher on Wednesday, as falling oil prices and renewed optimism around a potential U.S.-Iran peace agreement fueled a broad market rally. The S&P 500 and Nasdaq surged more than 1% each to nab fresh record closes after Advanced Micro Devices' (AMD) post-earnings surge and outlook lifted the AI sector. The Dow rose over 600 points and exited correction territory amid reports that the peace proposal will also include a moratorium on nuclear enrichment.
Gold Bounces Back as Oil Pulls Back
Oil prices fell sharply Wednesday as optimism grew around a possible U.S.-Iran agreement that could ease energy supply disruptions. June-dated West Texas Intermediate (WTI) shed more than 7% to settle at $95.08 per barrel.
Gold prices surged to their highest level in more than a week after reports that the U.S. and Iran were close to a peace deal. June-dated gold futures added 2.7% to settle at $4,690.20 an ounce.
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