NEW YORK (AP) 鈥� Hopes for a possible end to pushed stocks higher on Wall Street Wednesday, while oil prices eased.
The S&P 500 rose 0.5% in its latest – after the United States delivered to Iran. The Dow Jones Industrial Average added 305 points, or 0.7%, and the Nasdaq composite gained 0.8%.
But the moves were shaky, and the S&P 500 briefly came close to erasing all of its jump, which maxed out at 1.2% during the morning. Financial markets have swung sharply since the war began more than three weeks ago, and many of the reversals have struck as uncertainty continues to dominate about how long the war will last.
Keeping up that uncertainty on Wednesday: Iran鈥檚 foreign minister, Abbas Araghchi, said in an interview with Iranian state TV that his government has not engaged in talks to end the war, 鈥渁nd we do not plan on any negotiations.鈥�
Iran also launched more attacks on Israel and Gulf Arab countries, including an assault that sparked a huge fire at Kuwait International Airport, while coming under attack itself. The U.S. military deployed .
Optimism, though, was nevertheless evident in financial markets worldwide. Stock indexes climbed more than 1% in London, Paris and Shanghai. Tokyo鈥檚 Nikkei 225 leaped 2.9%.
The price for a barrel of Brent crude delivered in June fell 3% to settle at $97.26. Hopes rose that a cooldown in fighting could allow oil and natural gas to flow more freely from the Persian Gulf to customers worldwide. Many oil tankers are currently stuck outside the off Iran鈥檚 coast, and the blockage has sent Brent crude鈥檚 price to nearly $120 per barrel at times.
In the bond market, Treasury yields also eased. That could help soften the rise in rates for and other kinds of borrowing since the beginning of the war. That in turn could lessen the pressure on the economy.
The yield on the 10-year Treasury fell to 4.32% from 4.39% late Tuesday, though it remains well above its 3.97% level from just before the war.
Even gold, which has been one of the investment world鈥檚 worst losers through the war, rose. It climbed 3.4% to settle at $4,552.30 per ounce.
Gold鈥檚 price had briefly gotten near $5,400 early this month. That was before Treasury yields rushed higher on worries that high oil prices would drive inflation upward and prevent the from cutting interest rates. When bonds are paying more in interest, they make gold, which pays its investors nothing, less attractive in comparison.
On Wall Street, Arm Holdings soared 16.4% after the U.K. company announced a suite of chips for data centers and artificial-intelligence technology.
Robinhood Markets rallied 5% to help lead U.S. stocks after its board authorized a program to send up to $1.5 billion to shareholders by buying back the company鈥檚 stock.
Terns Pharmaceuticals rose 5.7% after in an all-cash deal valuing it at $6.7 billion. Merck rose 2.6%.
On the losing end of Wall Street was On Holding. The Swiss company that sells On shoes slumped 11.2% after saying its chief executive officer, Martin Hoffmann, is stepping down.
In Hong Kong, tumbled 22.5% after the company behind the reported explosive growth in profit and revenue, but not enough to meet analysts鈥� expectations.
The stock prices for the parent companies of YouTube and Instagram held relatively steady after in a that aimed to hold social media platforms responsible for harm to children using their services. Alphabet added 0.2%, and Meta Platforms rose 0.3%.
All told, the S&P 500 rose 35.53 points to 6,591.90. The Dow Jones Industrial Average gained 305.43 to 46,429.49, and the Nasdaq composite climbed 167.93 to 21,929.83.
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AP Business Writers Chan Ho-him and Mat Ott contributed.
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