Dow Jumps 500 Points While Nasdaq Gains 1.2% as Report of U.S. Peace Plan for Iran Sends Oil Prices Lower

US stocks jumped on Wednesday following a news report that the U.S. has given Iran a plan to bring the conflict to an end, sending crude prices tumbling.

Dow Jones Industrial Average gained 512 points, or 1.11%. S&P 500 and Nasdaq 100 advanced 0.96% and 1.16%, respectively.

The New York Times reported that the U.S. is said to have sent Iran a peace plan to end the war, citing two unnamed officials. The 15-point plan was delivered by way of Pakistan, the outlet said. To be sure, both sides appear to be very far apart and attacks from both sides have continued. 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 President Donald 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.

Stock futures later came off their highs Wednesday after Iran state media said the country won’t accept U.S. ceasefire efforts.