DJIA's best day since early February
And finally, Wall Street has closed higher tonight.
The Dow Jones industrial average has ended the day up 631 points, or 1.38%, at 46,208 points.
That’s the DJIA’s best daily gain in six weeks, since 6 February, as hopes of possible de-escalation in the Middle East conflict rippled through markets.
The S&P 500 share index, which is broader than the Dow, finished 1.15% higher – up 75 points at 6,581 points.
That wraps up a dramatic day in the markets, which started with heavy losses in Asia-Pacific bourses (Japan’s Nikkei fell 3.5%), and early drops in Europe – which reversed dramatically after Donald Trump announced that he had instructed the defence department to postpone all airstrikes against Iranian power plants and energy infrastructure for a five day period.
This triggered a recovery in London, stronger gains in other European markets, and a tumble in the oil price, despite denials from Tehran.
Our Middle East blog has all the latest developments
Oil still down below $100
Oil is resolutely lower tonight, despite Iran’s parliament speaker insisting ‘no negotiations’ have been held with the US.
US crude oil (WTI) is down 9.9% at $88.52 a barrel, while Brent crude is 11% lower at $99.66.
