The Dow Jones Industrial Average was up 1.4% at 51,919.49 this afternoon, above its all-time closing high.
The broad-based S&P 500 gained 1.9% to 7,573.84, while the tech-rich Nasdaq Composite Index jumped 3% to 26,662.51.
While off their earlier opening gains, European markets were higher this afternoon as oil prices tumbled after the US and Iran reached a preliminary peace agreement that would open the Strait of Hormuz and end the three-month-long conflict in the Middle East.
Global risk sentiment got a lift and Brent crude prices dropped 4% after US and Iranian officials said they had agreed on a framework for a deal, scheduled to be signed on Friday.
The Paris CAC had gained 1.2%, while the Frankfurt DAX was up 1.4% in afternoon trade, but London’s FTSE index dipped 0.02%.
Dublin’s ISEQ index advanced 1.2% this afternoo with Ryanair, Origin Enterprises, Kingspan and FBD Holdings all higher.
The Dow rose to a new intraday record today as Wall Street indices surged after the United States and Iran announced a peace deal that sent oil prices sharply lower.
Earlier in Asian trade, Japan’s Nikkei share average rallied 5% to close at an all-time high after news that the US and Iran had agreed on a framework for a deal to end their war, fuelling relief across markets.
Japan, which depends on the region for about 95% of its oil imports, has seen the yen come under pressure and bond yields rise amid concerns that higher crude prices would lift import costs.
The Bank of Japan will hold a two-day policy meeting ending tomorrow. It is widely expected to raise its policy rate to a 31-year high of 1% and signal its readiness to keep pushing up borrowing costs.
