Stocks surged higher on Wednesday as investors cheered the news that the United States will halt attacks on Iran for two weeks as the nations enter ceasefire talks.

The Dow Jones Industrial Average (DIA  ) jumped over 1,325 points to close at 47,909.92, marking its best day since April 2025 when President Donald Trump first announced an easing to his initial steep global tariff announcement. The S&P 500 Index (SPY  ) also soared 2.5% to settle at 6,782.81, and the Nasdaq Composite (QQQ  ) advanced by 2.8% to end the day at 22,634.99.

Trump said on Truth Social that the U.S. has agreed "to suspend the bombing and attack of Iran for a period of two weeks," adding that a "10-point proposal from Iran," which is contingent on the Strait of Hormuz remaining open, is "a workable basis on which to negotiate."

In a separate post, Trump said Wednesday that the U.S. will also work closely with Iran to remove nuclear material from the country, offering tariff and sanction relief in return.

"There will be no enrichment of Uranium, and the Untied States will, working with Iran, dig up and remove all of the deeply buried (B-2 Bombers) Nuclear 'Dust.' It is now, and has been, under very exacting Satellite Surveillance (Space Force!)," the president wrote, adding that "nothing has been touched from the data of attack."

The news caused crude oil futures to tumble lower on Wednesday, with the West Texas Intermediate dropping more than 16% to close at $94.41 per barrel. International benchmark Brent Crude also fell about 13% to close at $94.75. Industries sensitive to crude oil prices, especially travel, rallied on Wednesday, with cruise and airline stocks such as Carnival (CCL  ), United Airlines (UAL  ), and Delta Air Lines (DAL  ) all soaring higher.

Delta also posted better-than-expected first-quarter earnings on Wednesday, and offered the first look into the forecasted impact of elevated fuel costs on airlines since the start of the U.S.-Iran war. The carrier said it expects its fuel bill to be $2 billion higher in its second-quarter due to the spike in crude oil futures, but still called for adjusted earnings per share of $1 to $1.50 on revenue growth in the "low-teens" percentage points year-over-year as demand remains robust.

"As we gain more knowledge of the impact of the duration of the fuel spike over the course of the next couple months, we'll be in a better position," to deliver a full-year outlook, Chief Executive Officer Ed Bastian told reporters during the company's earnings call.

For Thursday, market participants will continue to monitor ongoing developments in the Middle East, alongside the release for February's personal consumption expenditures economic reading.