Wall Street closes sharply higher, relieved by the ceasefire in Iran

The New York Stock Exchange closed sharply higher on Wednesday, with investors welcoming the announcement of a two-week ceasefire between the United States and Iran, raising hopes for a resumption of traffic through the Strait of Hormuz.

The Dow Jones gained 2.85%, the Nasdaq index rose by 2.80%, and the broader S&P 500 index added 2.51%.