LIVE MARKETS-A cherry on top: Wall St caps dour March, volatile first quarter with a sharp rally

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A CHERRY ON TOP: WALL ST CAPS DOUR MARCH, VOLATILE FIRST QUARTER WITH A SHARP RALLY

Wall Street surged on Tuesday, wrapping up a tumultuous month and quarter with a super-sized rebound on growing hopes for a near-term resolution to the war on Iran.

Investors got the bounce-back they've been waiting for, following unconfirmed reports that Iranian President Masoud Pezeshkian said the country was ready to end the war under the right conditions. Coming just hours after a Wall Street Journal report said U.S. President Donald Trump told aides he was willing to end the military campaign even if the crucial Strait of Hormuz remains largely closed.

The Dow Jones Industrial Average .DJI rose 1,124.94 points, or 2.49%, to 46,341.08, the S&P 500 .SPX gained 184.66 points, or 2.91%, to 6,528.38 and the Nasdaq Composite .IXIC gained 795.99 points, or 3.83%, to 21,590.63.

The S&P 500 and the Nasdaq enjoyed their largest one-day percentage jump since last May.

Even so, the war - which has resulted in soaring crude prices and stoked fears of global economic downturn - has rattled markets over recent weeks.

In March, the S&P 500 and the Nasdaq suffered their biggest monthly percentage drop in a year. The S&P 500 and the Dow saw their worst quarter since 2022.

The Dow and the Russell 2000 have recently dipped more than 10% below their record closing highs, which confirmed the indexes were in correction.

Among outperformers, airlines .SPCOMAIR, chips .SOX, and megacap momentum stocks .NYFANG won the day, while energy .SPNY, easily the best-performing sector of the quarter, was among the day's few percentage losers.

On the economic front, consumer confidence ticked slightly higher this month, but a report from the Labor Department showed job openings and hiring fell off sharply in February.

On Wednesday, investors are due to kick off their April Fool's Day with ADP's national employment index, the Commerce Department's retail sales data for February, and the Institute for Supply Management's March manufacturing PMI report.

Here's your closing snapshot:

(Stephen Culp)

EARLIER ON LIVE MARKETS:

U.S. STOCK PICKERS MOVED INCREASINGLY INTO ENERGY AHEAD OF IRAN CONFLICT CLICK HERE

TECH LEADS LOFTY FIRST-QUARTER EARNINGS EXPECTATIONS CLICK HERE

ENERGY STOCKS POST BEST-EVER QUARTERLY PERFORMANCE AS IRAN WAR LIFTS OIL PRICES CLICK HERE

TUESDAY DATA DUMP: HIRES SLIDE, CONSUMER GLOOM LIFTS, HOME PRICE GROWTH COOLS CLICK HERE

EARLY US TRADE: ANOTHER REBOUND TEASE? CLICK HERE

30% DRAWDOWN IS NOT OUT OF THE QUESTION CLICK HERE

BARCLAYS GOES 30% ABOVE THE STREET ON ENERGY EARNINGS CLICK HERE

MIDDLE EAST TURMOIL POSES LIMITED THREAT TO EUROPEAN MEDTECH, RBC SAYS CLICK HERE

POSTPONED DOLLAR WEAKNESS CLICK HERE

A SHARPER US TREASURY SELLOFF IN TOKYO CLICK HERE

STOXX 600 HEADS FOR BIGGEST MONTHLY FALL SINCE JUNE 2022 CLICK HERE

EUROPE BEFORE THE BELL: FUTURES HIGHER ON IRAN DE-ESCALATION SIGNS CLICK HERE

SOME RESPITE FOR NERVY MARKETS AFTER BRUTAL MONTH CLICK HERE