S&P 500 Erases 1.2% Decline on Ceasefire Hopes: Markets Wrap

Hopes for a diplomatic way out of the war in the Middle East spurred a bounce in stocks as oil fell ahead of President Donald Trump’s deadline for Iran to agree to a ceasefire.

In the final stretch of a jittery Wall Street session, markets got a degree of relief as Pakistan urged the US for a two-week extension of the deadline for Tehran to reopen the Strait of Hormuz. The S&P 500 erased a 1.2% drop. US crude slipped to around $112 in late hours. Bond yields and the dollar fell.