It was a great day for investors on Wall Street, with the Dow Jones Industrial Average closing up over 600 points, nearly hitting its all-time record of 50,000.
Both the Nasdaq and the S&P 500 also had record-breaking days, closing at 25,838.94 and 7,365.12, respectively.
The gains were driven largely by a sharp drop in crude oil prices, which closed at $96.22 a barrel but dipped briefly all the way down to just $89 a barrel. At the opening this morning, the price was $100 a barrel.
The drop in oil and sharp rise in stocks is likely due to reporting from Axios that the United States and Iran could be on the verge of making a deal, which would see the Strait of Hormuz opened and Iran’s nuclear ambitions finally coming to an end.