A relief rally took hold of Wall Street on Wednesday as market participants cheered President Donald Trump's announcement of a temporary ceasefire with Iran. Oil prices, meanwhile, plunged on the news, with crude futures suffering their biggest one-day decline since the start of the COVID-19 pandemic.
Ahead of Tuesday's 8 pm Eastern Standard Time deadline, at which President Trump promised to end Iranian "civilization," he announced a two-week ceasefire for the U.S. and Iran to finalize a peace agreement.
