Stocks Rise to Record and Oil Falls as Truce Holds: Markets Wrap

Relative calm returned to global markets, with stocks rising and oil falling as signs that a US-Iran ceasefire is still in place reduced fears about a full-scale war that could hamper the economic outlook.

The bounce in equities drove the S&P 500 to all-time highs as Washington played down the prospect of an active conflict with Tehran a day after an escalation of hostilities over the Strait of Hormuz. While crude prices remained elevated amid a blockade of the key energy chokepoint, Brent settled below $110. In late hours, Advanced Micro Devices Inc. gave a solid outlook.