With hopes that the war is almost over, stocks reached all-time highs – US Market Wrap

Stocks rose around the world, matching bond gains, as oil fell on hopes that the United States and Iran are close to reaching an agreement to halt a war that has rattled markets and clouded the economic picture.
A stronger risk appetite propelled shares to record highs, increasing the S&P 500 by 1.5%. Solid corporate earnings also boosted optimism, with Advanced Micro Devices leading the charge in chipmakers. US crude closed at $95, reducing inflation fears. Gold prices soared. Treasury yields fell as bets on Federal Reserve rate hikes faded. The dollar dropped to pre-war values.
The US and Iran were discussing a new idea to resolve an almost 10-week standoff. According to a source familiar with the situation, Washington provided a memorandum of understanding to progressively reopen the Strait of Hormuz and ease the port embargo.
Iran cannot and will not have a nuclear weapon; they have agreed to that, among other things,” Trump told reporters at the White House. “We’ve had very good talks,” he stated, “and it’s very possible that we’ll make a deal.”
In an interview with PBS NewsHour, Trump stated that the war had “a very good chance of ending” and that it may happen before his trip to Beijing next week. In a meeting with his Iranian counterpart, China’s senior diplomat urged the immediate reopening of the Hormuz Strait.