Despite opening deep in the red, major indexes managed to pare losses and post notable gains for Thursday's session. Investors are hoping Tuesday night's ceasefire lasts the full two weeks, and are cautiously optimistic after Israel agreed to negotiations with Lebanon.
Oil prices cooled in response, with front-month crude surging above $100 before paring gains in the afternoon. The Dow added 275 points to reclaim its year-to-date breakeven level, while the Nasdaq and S&P 500 eked out their seventh-straight gains -- their longest respective win streaks since August 2025 and October.
Crude, Gold Mark More Gains
Oil prices surged above $100 early in the session before pulling back slightly, after Lebanon and Israel agreed to discussions following the latter's multiple attacks. Claims that the Strait of Hormuz remained closed also weighed. Front-month May-dated West Texas Intermediate (WTI) rose 3% to settle at $97.87 per barrel.
Gold continued to climb, as the U.S. dollar weakened and safe haven traders kept watch on geopolitical developments. June-dated gold added 1% to finish at $4,823 an ounce.
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