# The S&P 500 leaped 2.1% after Trump announced a two-week ceasefire with Iran.

*business · news · 2026-04-08 · PBS News*

## Key points

- President Trump announced a two-week ceasefire with Iran just before a key deadline.
- Oil prices plunged over 16%, dropping below $95 per barrel after the ceasefire announcement.
- Iran closed the Strait of Hormuz again Wednesday in response to Israeli attacks in Lebanon.
- Financial markets surged globally, with Asian and European indexes posting gains above 4%.
- Traders now see a 24% chance the Federal Reserve could resume rate cuts in 2026.

**Companies:** United Airlines, Carnival, Delta Air Lines
**Countries:** United States, Iran, South Korea, Japan, Germany, France

[Read the full story on PBS News](https://www.pbs.org/newshour/economy/oil-plunges-below-95-as-dow-surges-1100-following-iran-ceasefire-deal)

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