Stocks rose while oil prices fell on Tuesday morning, as investors bet that a delicate ceasefire between Israel and Iran would hold.
The Dow Jones Industrial Average climbed 305 points, or 0.7%. The S&P 500 gained 0.7%, and the Nasdaq Composite advanced 1%.
Oil prices were sharply lower for a second-straight day. U.S. crude oil slipped more than 4%, alongside international benchmark Brent. A day earlier, U.S. crude oil fell more than 7%.
Airline stocks were higher as oil pulled back, with shares of United Airlines, Frontier and Delta all climbing more than 2%. Broadcom and Nvidia advanced 4% and 1%, respectively, as investor appetite for risk grew.
These moves come as President Donald Trump tried to salvage a fragile ceasefire between Israel and Iran that took effect early Tuesday morning. Both sides have accused the other of violating the agreement. Israeli forces said a radar system close to Iran's capital city Tehran was attacked. CNBC has not independently verified the report from Israeli army radio station GLZ.
Trump said on Truth Social that "ISRAEL is not going to attack Iran," and added that the ceasefire is still in effect. The president earlier expressed frustration toward both Israel and Iran for breaking the agreement by saying he was "unhappy" with both sides.
Source: CNBC
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