Traders work on the floor of the New York Stock Exchange (NYSE) at the opening bell in New York on March 24, 2026.
Angela Weiss | AFP | Getty Images
Stocks jumped on Wednesday following reports that the U.S. has given Iran a plan to bring the conflict to an end, sending crude prices tumbling.
The Dow Jones Industrial Average gained 358 points, or 0.8%. The S&P 500 and the Nasdaq Composite advanced 0.7% and 0.9%, respectively.
The Associated Press, citing unnamed officials in Islamabad, reported that Iran has received a 15-point proposal from the U.S. to end the war. The New York Times had first reported that the U.S. sent Iran a peace plan. The plan was delivered by way of Pakistan, that outlet said, citing two unnamed officials.
Iran state media said the Middle Eastern country has rejected the U.S.’ ceasefire offer, however, instead laying out a five-point plan that includes granting Iran control over the Strait of Hormuz.
Oil prices were under pressure Wednesday following those developments. West Texas Intermediate futures lost 2% to around $90 per barrel. International Brent also fell 2% to around $102. Treasury yields also tumbled with oil prices and the prospect for peace.
To be sure, the two countries appear to be very far apart. The Wall Street Journal report that the U.S. is deploying the Army’s 82nd Airborne Division to the Middle East.
The peace plan report comes after Trump earlier Tuesday said that the U.S. is “in negotiations right now” with Iran. He added that Tehran is “talking sense” and suggested it is eager to make a peace deal.
The war has led to tremendous volatility for stocks this week. The market on Tuesday gave back some of its gains from Monday, which saw all three averages soaring more than 1% after Trump wrote in a Truth Social post that the U.S. and Iran have held “very good and productive conversations regarding a complete and total resolution of our hostilities in the Middle East.” However, Iranian state media denied reports of these direct talks between the two nations.
“While there remain questions over who in Iran can curtail military activities as well as what will satisfy Israel interests, the market seems to be expressing a view that it wants to bounce higher from here,” said JPMorgan’s trading desk in a note. “Also, it is unclear that Iran would drop previous requests, including security guarantees against future aggression and reparation/compensation for losses incurred during this conflict.”
Gains in shares of technology supported the broader market Wednesday, with Nvidia, AMD and Intel all jumping. Stocks that would benefit from a solid economy also gained with financials and industrials in the green.
