Stocks Rally and Oil Declines on Iran, Yen Gains: Markets Wrap

Stocks climbed to a record and oil fell after President Donald Trump signaled progress toward a final agreement with Iran, adding fresh momentum to markets already buoyed by a rally in technology shares. The yen saw another spike higher.

MSCI’s gauge of Asia Pacific equities advanced as much as 2.5% to an all-time high with technology shares leading gains on renewed optimism for the artificial intelligence trade. The Kospi index in South Korea, a poster child for AI investments, jumped more than 6% to a record, with Samsung Electronics Co. surging 15% to reach a valuation of $1 trillion, the second Asian company to attain that mark.