Wall Street Indexes Surge Amid Reports of Canceled Iranian Strikes

Market Rally Continues as Trump Cancels Iran Strikes

Wall Street's major indexes surged higher in afternoon trading on Thursday, extending gains from the previous session. The Dow Jones Industrial Average rose 698.00 points, or 1.40%, to 50,617.83, while the S&P 500 gained 77.92 points, or 1.07%, to 7,344.91. The Nasdaq Composite also gained 349.73 points, or 1.40%, to 25,521.18.

The rally came after U.S. President Donald Trump announced that he had canceled planned strikes against Iran. Trump stated that negotiations with Tehran had advanced to the highest levels of Iran's leadership and had been approved by a broad coalition of regional powers. This news led to a sharp decline in oil prices. The market had already begun to rebound from the previous session's selloff, which sent major Wall Street indexes down more than 1%.

Technology stocks, measured by the S&P 500 Technology Index, had corrected 11% from the June 2 record high close. Investors had been grappling with concerns about stretched tech valuations and tighter monetary policy. The Middle East conflict has also contributed to inflationary pressures.