S&P 500 Wipes Out 2026 Loss on Iran Deal Hopes: Markets Wrap

State Street Advises Further De-Risking Amid Inflation Threat

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By Ira Iosebashvili, Vildana Hajric, and Isabelle Lee

April 12, 2026 at 10:08 PM UTC

Updated on

April 13, 2026 at 8:03 PM UTC

Stocks closed at session highs and were back in the green for 2026 after President Donald Trump said Iran still wanted to make a deal following a deadlock in peace talks and a US blockade of the Strait of Hormuz. Meanwhile, Goldman Sachs Group Inc. shares dropped in an underwhelming start to the earnings season.

The S&P 500 rose 1% to its highest level since late February. Brent crude was up 3% at around $98 a barrel, paring earlier gains. Goldman retreated 1.9% as a revenue miss in fixed-income, currency and commodities outweighed a record haul from equities.