US stocks surged at the opening bell after Iran said it would end its strikes against Israel.
Wall Street stocks leapt as the Iranian news agency Fars said military operations would be brought to a halt
The tech-heavy Nasdaq Composite was up by as much as 1.6pc, while the S&P 500 gained 0.7pc. It came as oil prices retreated following an earlier jump of around 5pc to $98 a barrel. The rise had been driven by fresh assaults by both Israel and Iran, which raised doubts about a deal to reopen the Strait of Hormuz.
However, Iran’s decision to halt strikes left oil up 1.2pc on the day at less than $94. The bounce in US stocks helped the Nasdaq to recover some of the losses suffered on Friday, when the index slumped by 4.2pc. Stock markets have recently been grappling with a tech sell-off over concerns that an AI bubble could pop.