LIVE MARKETS-Make it a double: Iran pull-out hopes push Wall St to second day of gains

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MAKE IT A DOUBLE: IRAN PULL-OUT HOPES PUSH WALL STREET TO SECOND DAY OF GAINS

U.S. stocks extended their rally on Wednesday after U.S. President Donald Trump suggested the United States could exit the market-rattling war on Iran soon.

The Dow Jones Industrial Average .DJI rose 224.23 points, or 0.48%, to 46,565.74, the S&P 500 .SPX gained 46.8 points, or 0.72%, to 6,575.32 and the Nasdaq Composite .IXIC gained 250.32 points, or 1.16%, to 21,840.95.

The S&P 500 and the Nasdaq have logged their largest two-day percentage gains since mid-May, rising 3.7% and 5.0%, respectively. The blue-chip Dow enjoyed a two-day percentage jump of 3.0%, its largest in nearly a year.

Trump, who is expected to deliver an address to the nation at 9 p.m. EST, told Reuters that the U.S. will end its war on Iran soon, adding that he's considering pulling the U.S. out of the NATO alliance. He is expected to reiterate a two-to-three-week timetable for pulling out of Iran, which continues to restrict traffic through the Strait of Hormuz, affecting about one-fifth of the world's oil supply.

This was welcome news for world stocks; spiking oil prices have stoked fears of stagflation and recession, sending major equity indexes sharply lower in recent weeks.

Industrials .SPLRCI led the gains among the S&P 500's 11 major sectors, while energy stocks .SPNY, the biggest year-to-date gainer, dropped 3.9% as crude prices pulled back.

Chips .SOX and airlines .SPCOMAIR were strong outperformers, as were aerospace/defense .SPCOMAED, goosed by reports of SpaceX's confidential IPO filing.

In economics, stronger-than-expected retail sales and ADP private payrolls were tempered by surging PMI input prices and sliding mortgage demand as borrowing costs reached their highest level since August.

Thursday's data includes international trade, jobless claims and Challenger's March layoffs report.

Here's your closing snapshot:

(Stephen Culp)

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