Market Highlights

Wall Street powered a rally in stocks as oil sank after President Donald Trump signaled the US is close to a deal with Iran, fueling hopes for an end to the war that has roiled global markets. Equities halted a two-day drop, with the S&P 500 climbing 1.8%. In late hours, US oil slid to around $86, easing worries about inflation and sinking bond yields. A closely watched gauge of chipmakers jumped nearly 8%. SpaceX raised $75 billion, making history with the biggest-ever IPO. The rally in stocks and bonds that was sparked by optimism that the US and Iran were close to ending their conflict paused as traders waited for confirmation of a deal.