Nasdaq jumps 2.5% as hopes grow for an end to the Iran war, sending Wall Street sharply higher

[Financial News] The three major indexes on Wall Street all surged on the 11th (local time) after U.S. President Donald Trump suggested that a ceasefire agreement with the Islamic Republic of Iran had effectively been reached.
At the New York Stock Exchange, the Dow Jones Industrial Average (DJIA) closed at 50,848.75, up 929.97 points, or 1.86%, from the previous session.
The Standard & Poor's (S&P) 500 Index rose 127.31 points, or 1.75%, to 7,394.30, while the Nasdaq Composite Index, which is dominated by technology stocks, gained 640.16 points, or 2.54%, to finish at 25,809.66.
Expectations for a ceasefire in the Middle East war fueled the market's sharp rebound. Speaking to reporters at the White House, Trump said, "We have reached an agreement that Iran will not possess nuclear weapons," adding, "The document is nearly complete and will be signed very soon."
Earlier, Trump posted on his social networking service (SNS), Truth Social, that he had "canceled the Iran airstrikes and bombing planned for tonight," and added that "the maritime blockade will remain in place until the agreement is finalized."
bng@fnnews.com Kim Hee-sun Reporter