Ceasefire Sparks Stock Surge: Global Markets Rally Amid Easing Oil Tensions

Global stock markets soared as oil prices fell amid fresh hopes stemming from a ceasefire between Israel and Iran, suggesting reduced risks to global oil supplies. The S&P 500 index rose 1.1%, edging close to its all-time high, following significant gains in Europe and Asia after the ceasefire announcement late Monday.

The Dow Jones Industrial Average jumped over 500 points, while the Nasdaq composite reported growth of 1.4%. The price of US crude oil dropped sharply to $64.37 per barrel as markets reacted positively to the news, easing inflationary pressures and potentially giving the Federal Reserve more room to consider rate cuts.

Fed Chair Jerome Powell noted the likelihood of upcoming rate cuts, fueling confidence on Wall Street. In related news, Carnival Cruise surged 6.9% with unexpected profits, Uber Technologies gained 7.5% with its autonomous vehicle news, and Coinbase Global rallied 12.1% as bitcoin prices climbed. Stock markets globally responded favorably to the ceasefire, marking notable index gains in economies from France to South Korea.

(With inputs from agencies.)