Wall Street stock indices jumped on Tuesday as President Donald Trump announced a ceasefire between Israel and Iran.

As of 12:47 PM Eastern time, the S&P 500 was 1.1% higher, the Dow Jones Industrial Average was up 1.2%, and the Nasdaq Composite was 1.5% higher.

As of 9:55 AM Eastern time, the S&P 500 was 0.7% higher, the Dow Jones Industrial Average was up 0.7%, and the Nasdaq Composite was 1% higher.

At the opening bell, the Dow Jones Industrial Average rose 225.3 points, or 0.53%, to 42,807.13. The S&P 500 rose 36.0 points, or 0.60%, to 6,061.21​, while the Nasdaq Composite rose 178.6 points, or 0.91%, to 19,809.615.

A day after Tehran struck at a US base in Qatar, US President Donald Trump said that the truce between Iran and Israel was in effect. The move came after US carried airstrikes on Iranian nuclear facilities.

In a congressional testimony, US Federal Reserve Chair Jerome Powell emphasized that the central bank can afford to wait for the impact of tariffs before deciding on further interest rate cuts.

In the bond market, the yield on the 10-year Treasury rose to 4.35% from 4.34% late on Monday. The 2-year Treasury yield edged up to 3.85% from 3.84%.

Crude oil

Oil prices sank on Tuesday on the Iran-Israel ceasefire.

Brent North Sea crude edged down 5.2% at $66.85 per barrel. West Texas Intermediate slipped 5.2% at $64.93 per barrel.

Bullion

Gold prices fell on Tuesday after President Trump’s announcement of a ceasefire between Israel and Iran diminished bullion’s demand.

Spot gold lost 1.4% at $3,322.09 an ounce, as of 1142 GMT. US gold futures slipped 1.7% to $3,336.00.

Spot silver eased 0.1% to $36.10 per ounce, platinum rose 1% to $1,307.93, while palladium slipped 0.4% to $1,072.24.

Gainers and Losers

Cruise operator Carnival climbed 9.4% after the company delivered a stronger quarterly profit.

Among megacap stocks, Tesla declined 1.4%.

Defense stocks Lockheed Martin and RTX Corp fell 1.7% and 2.5%, respectively.

Crypto stocks rose as bitcoin gained . Coinbase Global advanced 7% and Strategy added 2.6%.

FedEx shares rose 0.6% ahead of its quarterly results due after the closing bell.