US stocks jump after Trump announces Iran deal, oil tumbles
Big news from the markets: US stocks jumped after President Trump announced a peace deal with Iran, set to be signed in Switzerland on Friday.
The agreement means ships can move freely through the Strait of Hormuz: great news for global oil supplies.
Right after, oil prices dropped 5% and US crude fell to around $80 per barrel.
Dow Jones hits record high
The Dow Jones hit a record high, climbing 607 points (1.2%), with the S&P 500 and Nasdaq up too.
Tech stocks led the charge: SpaceX's shares climbed 6%, pushing its value past $2 trillion.
The dollar slipped while crypto bounced back as tensions in the Middle East cooled off.
This deal, brokered by Qatar and Pakistan, could also open doors for future nuclear talks with Iran and is being seen as a big step toward easing regional tensions.