US stock markets surged on Monday after President Donald Trump announced that an agreement had been reached to end the conflict between the United States and Iran, boosting investor confidence.
The Dow Jones Industrial Average climbed 607 points, or 1.2%, reaching a new intraday record high. The S&P 500 gained 1.3%, while the Nasdaq Composite jumped 2.2%.
Investor sentiment improved after Trump stated that the deal with Iran was “now complete.” Pakistan Prime Minister Shehbaz Sharif said the memorandum of understanding is expected to be signed in Switzerland on Friday.
Trump also authorized the reopening of the Strait of Hormuz, a crucial route for global oil shipments. The move helped push oil prices lower and further supported market gains.
Among individual stocks, SpaceX shares rose another 6% after a strong market debut last week, lifting the company's market capitalization above $2 trillion.
Overall, hopes for reduced geopolitical tensions and stable energy supplies fueled a broad rally across Wall Street.
