Oil plunges toward $95 as the Dow surges 1,000 in a worldwide rally following a ceasefire with Iran
NEW YORK (AP) — Oil prices are plunging back toward $95 per barrel, and stock markets are surging worldwide on Wednesday after President Donald Trump pulled back from his threat to force a “whole civilization” to die in the war with Iran.
The S&P 500 leaped 2.3% after Trump announced a two-week ceasefire with Iran, less than 90 minutes before a deadline Trump had set for it to open the Strait of Hormuz and allow oil tankers to exit the Persian Gulf. The Dow Jones Industrial Average was up 1,165 points, or 2.5%, as of 11:45 a.m. Eastern time, and the Nasdaq composite was 2.8% higher following even bigger gains in European and Asian stock markets.
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