S&P 500 Erases Iran War-Driven Losses as Earnings Season Begins

The S&P 500 Index rallied to erase all of its losses since the start of the Iran war, as traders continue to bid up stocks since a temporary ceasefire agreement was announced and as US earnings season gets underway.

The US stocks benchmark climbed 1% on Monday to rise above 6,878.88 points — the level it traded at just before the Iran war began at the end of February. The reversal was spurred by the US and Iran agreeing to a tentative truce on April 7. US President Donald Trump said on Monday Iran reached out to his administration over peace negotiations, as the US began a naval blockade of the Strait of Hormuz.