Wall Street Soars Amid Middle East Ceasefire and Fed Rate Clarity

In an impressive surge, Wall Street's major indexes climbed on Tuesday as President Donald Trump's declaration of an Israel-Iran ceasefire injected optimism into the market. Financial and technology stocks spearheaded the rally, while plunging crude oil prices weighed down energy stocks.

The S&P 500 and Nasdaq approached record highs, buoyed by Federal Reserve Chair Jerome Powell's remarks that the central bank is not rushing into interest rate changes. His assurance comes as investors grapple with tariff impacts and geopolitical uncertainties.

Trump's call for Middle East peace followed a tense weekend of military actions, including U.S. strikes on Iranian sites. However, hours into the ceasefire, Israel confirmed limited strikes near Tehran. Meanwhile, Fed officials including Powell and others emphasized a cautious approach to monetary policy amidst mixed signals on inflation and trade.

(With inputs from agencies.)