The three major New York stock indexes opened higher on news that the cease-fire between the United States and Iran would be extended.
As of 9:51 a.m. on the 22nd, the Dow Jones Industrial Average on the New York Stock Exchange was up 340.42 points, or 0.69%, at 49,489.80. The Standard & Poor's (S&P) 500 rose 46.04 points, or 0.65%, to 7,110.05, and the Nasdaq composite gained 186.19 points, or 0.77%, to 24,446.16.
This is seen as a result of U.S. President Donald Trump declaring on the 21st that he would extend the cease-fire until negotiations with Iran are concluded. However, Iran has not acknowledged Trump's announcement to extend the cease-fire, and the situation remains precarious as it tightened its armed blockade, including seizing three ships in the Strait of Hormuz on the day.
The possibility that Trump could declare a resumption of war at any time is also a factor limiting gains. Axios, a U.S. outlet, reported, citing sources, that the period to hold off on strikes against Iran is about three to five days. David Morrison, senior market analyst at Tradenation, said, "At some point the (stock market) rally will stop," adding, "However, most investors don't seem to think so at all."
By sector, most were stronger. Software corporations Adobe said it would buy back $25 billion of its own shares by Apr. 2030, lifting its stock 3.09%. Boeing rose 2.8% as its first-quarter loss came in below market expectations.