The three major indexes on Wall Street opened higher as risk appetite recovered on news that the United States and Iran agreed to end hostilities.
As of 9:33 a.m. on the 15th (local time), the Dow Jones Industrial Average on the New York Stock Exchange was up 569.90 points (1.17%) from the previous session at 51,799.16.
The Standard & Poor's (S&P) 500 was up 108.93 points (1.47%) at 7,540.39, and the Nasdaq composite was up 607.90 points (2.35%) at 26,496.75 in trading.
The market reacted to news that the United States and Iran, ending more than 100 days of tensions, agreed to sign a memorandum of understanding (MOU) on the 19th.
The two countries plan to extend the cease-fire by 60 days and then enter additional talks on key issues, including the nuclear program.
U.S. President Donald Trump said on the social media platform Truth Social the previous day, "The agreement with Iran is now complete," adding, "We approve full opening of the Strait of Hormuz without tolls, and the U.S. naval blockade will also be lifted immediately."
U.S. Vice President JD Vance said, "Details of the agreement still need to be fine-tuned," adding, "We will see whether Iran offers further concessions." Vance added, "We expect to release the agreement this week."
By stock, gains were pronounced among technology names.
Nvidia rose 2.38%, Broadcom gained 3.08%, and Micron Technology jumped 7.76%.
SpaceX, led by Elon Musk, rose 4.84% on news of a successful initial public offering (IPO). Paramount Skydance gained 2.87% as the U.S. Department of Justice approved the acquisition of Warner Bros. Fox, by contrast, plunged 15.22% on the announcement that it would acquire Roku.
By sector, technology, industrials, and consumer discretionary advanced, while health care and utilities weakened.
Robert Pavlik, senior portfolio manager at Dakota Wealth, said, "If inflationary pressures ease, expectations that the Federal Reserve (Fed) could cut rates are supporting the market."
European stocks rose. The Euro Stoxx 50 was up 1.01% at 6,250.21, while France's CAC 40 and Germany's DAX gained 1.11% and 1.38%, respectively. Britain's FTSE 100 fell 0.02%.
International oil prices fell. At the same time, West Texas Intermediate (WTI) for July delivery was down 5.05% from the previous session at $80.59 a barrel in transactions.