US stocks rally; Dow jumps 645 points

US stocks closed higher on Wednesday as oil prices and Treasury yields retreated, amid optimism over President Trump’s remarks suggesting the war with Iran could soon end, while investors awaited Nvidia’s earnings results.

At the close, the Dow Jones Industrial Average rose 1.31%, or 645 points, to 50,009, marking its best daily performance since April 30.

The broader S&P 500 gained 1.10%, or 79 points, to 7,432, while the Nasdaq Composite climbed 1.54%, or 399 points, to 26,270.

In Europe, the Stoxx Europe 600 advanced 1.46% to 620 points.

The UK’s FTSE 100 rose 1% to 10,432, Germany’s DAX gained 1.38% to 24,737, and France’s CAC 40 added 1.70% to 8,117.

In Japan, the Nikkei 225 fell 1.23% to 59,804, while the broader Topix index declined 1.53% to 3,791.

Brent crude futures for July delivery fell 5.63%, or $6.26, to settle at $105.02 a barrel.

US WTI crude futures for July delivery declined 5.66%, or $5.89, to $98.26 a barrel.

Meanwhile, June gold futures rose 0.53%, or $24.10, to $4,535.30 per ounce.

What moved markets? Oil prices tumbled after President Trump said negotiations with Iran were in their final stages, boosting stocks and bond prices while easing inflation concerns that the Federal Reserve had warned could force it to keep borrowing costs elevated.