Stocks Surge Amid Cease-Fire Euphoria: Nasdaq Hits Record High

U.S. stocks soared over 1% on Tuesday, buoyed by a fragile cease-fire between Israel and Iran. Investors also sifted through Federal Reserve Chair Jerome Powell's congressional testimony to gauge future monetary policy moves. The rally marked a second consecutive session of strong gains.

The Nasdaq 100 closed at a record high, while the S&P 500 neared its all-time closing high. Although President Trump announced a truce, tensions persisted as Israel reportedly violated the terms. Investors, however, viewed the agreement as a step toward de-escalation, boosting market sentiment.

According to AXS Investments CEO Greg Bassuk, the cease-fire fueled optimism in the stock market. Crude prices fell amid reduced supply concerns, leading to a decline in energy shares. Powell reiterated that interest rate adjustments would be postponed until economic impacts of trade tariffs are clearer, amid falling consumer confidence.

(With inputs from agencies.)