As the United States and Iran dramatically agreed to a cease-fire, the three major stock indexes on the New York Stock Exchange all rose more than 2%. Although a tense situation continued after the cease-fire, with Israel attacking Lebanon and Iran pushing back by blocking the Strait of Hormuz, the market appeared to focus for now on the fact that a cease-fire was reached.
On the 8th (local time) at the New York Stock Exchange (NYSE), the Dow Jones Industrial Average closed up 2.85% from the previous session at 47,909.92. The Standard & Poor's (S&P) 500 index rose 2.51% to 6,782.81 from the day before, and the Nasdaq composite gained 2.80% to close at 22,634.99.
Semiconductor-related stocks in particular led gains. With projections that logistics costs could soar and component supplies could be disrupted if the Strait of Hormuz is closed, semiconductor stocks that had fallen sharply rebounded across the board. The Philadelphia Semiconductor Index rose 6.34% on the day. Intel jumped 11.42%, and Micron Technology advanced 7.72%. TSMC and Broadcom also rose by around 5%.
International oil prices, which had been on a tear, fell more than 10%. Brent crude for June delivery settled at $94.75 per Barrel, down 13.29% from the previous session. West Texas Intermediate (WTI) plunged 16.41% to $94.41 per Barrel.