Stocks Rally on Ceasefire Amid Biggest Short Squeeze Since 2020
US stocks advanced in a broad rally as the ceasefire deal between the US and Iran boosted optimism that the worst part of the Middle East conflict is over, pushing money managers off the sidelines.
The S&P 500 Index soared 2.5% to the highest level since early March. More than 400 stocks in the S&P 500 traded in the green with the index breaking above its 200-day and 50-day moving averages. The Nasdaq 100 climbed 2.8% while the Dow Jones Transportation Average gained 3.2% to close at an all-time high. The Russell 2000 Index rose 3%. The Cboe Volatility Index hovered around 21.