Commodities
Ceasefire Sends Markets Soaring as Oil Prices Plummet
The market reacted positively to news of an Iran ceasefire, with the S&P 500 surging 2.5 percent on Wednesday and the Dow Jones Industrial Average soaring over 1,300 points.
The Nasdaq rose more than 3 percent after the United States and Iran agreed to a two-week ceasefire, brokered by Pakistan with less than ninety minutes to spare before a deadline set by President Trump.
Oil prices plummeted, with West Texas Intermediate crude falling 14.75 percent to approximately $96 a barrel, its biggest single-day drop in six years.