US stocks rise as US-Iran peace deal hopes emerge, SpaceX IPO strong

U.S. stock markets closed on an upward trend, buoyed by the promising news of a potential peace agreement between the United States and Iran. The prospect of de-escalation in the Middle East significantly impacted global markets, particularly leading to a sharp decline in oil prices.

The Dow Jones Industrial Average saw a substantial gain, closing up 353.51 points, or 0.70%, at 51,202.26. The broader S&P 500 index also experienced a positive close, rising 37.16 points, or 0.50%, to settle at 7,431.46.

Technology stocks contributed to the market's rise, with the Nasdaq Composite index climbing 79.18 points, or 0.31%, to reach 25,888.84. The Philadelphia Semiconductor Index also performed strongly, adding 200.031 points, or 1.52%, to finish at 13,371.469.

Adding to the positive market sentiment was the robust performance of SpaceX during its first day of trading following the largest initial public offering in history. The space exploration company's stock closed up 19%, further energizing investor confidence.