The S&P 500 Index ($SPX) (SPY) on Tuesday closed up +1.18%, the Dow Jones Industrial Average ($DOWI) (DIA) closed up +0.66%, and the Nasdaq 100 Index ($IUXX) (QQQ) closed up +1.81%. June E-mini S&P futures (ESM26) rose +1.18%, and June E-mini Nasdaq futures (NQM26) rose +1.76%.
Stock indexes rallied sharply on Tuesday, with the S&P 500 posting a 2-month high, the Dow Jones Industrial Average a 1.25-month high, and the Nasdaq 100 a 2.25-month high. Optimism that the US and Iran will extend the two-week ceasefire knocked crude oil prices sharply lower on Tuesday and pushed stocks higher. The US and Iran are in discussions on holding additional negotiations to extend a two-week ceasefire that expires on April 22. The New York Post reported that President Trump said talks could resume "over the next two days" in Pakistan. There are also reports that Iran might pause shipments through the Strait of Hormuz to avoid sparking an incident with the US military. The news knocked crude oil prices down by more than -7%.
