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Markets Rally on US-Iran Ceasefire Extension Reports

Equities surged to record levels Thursday as reports emerged that the United States and Iran reached an agreement to extend a ceasefire and pursue diplomatic efforts to end the three-month Middle East conflict. The tentative deal is pending final approval from President Donald Trump. The agreement sparked a broad market rally that lifted bonds and gold while tempering crude price gains. Treasury yields fell as investors reduced bets on elevated interest rates, and the dollar declined against major currency pairs. The diplomatic breakthrough eased concerns about sustained inflation pressures stemming from the war's disruption to global energy markets. Traders viewed the ceasefire extension as a significant step toward resolving a conflict that has created substantial volatility across asset classes in recent months.