Stocks surged on Wednesday as a “relief rally” swept global markets after a two-week ceasefire between the US and Iran sent oil prices tumbling.
The S&P 500 rallied 2.5 per cent, reversing more than half of the losses the index suffered between the beginning of the conflict and the end of Tuesday. In Europe and Asia — where a higher dependency on energy imports sparked a market rout in the early weeks of the conflict — stock markets notched up even bigger gains as fears of a global oil shock receded.
“This is a relief rally now that there is a clear endgame in sight,” said William Bratton, head of cash equity research for Asia-Pacific at BNP Paribas.
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