NEW YORK: Wall Street stocks rose early Wednesday, extending a rally on hopes that the Middle East war could end soon as oil prices retreated.
US President Donald Trump scheduled a national address Wednesday night to update the country on Iran.
Trump, whose statements on the war have swung from combative to conciliatory, said on social media early Wednesday that Iran has asked for a ceasefire but that the United States would only consider this once the Strait of Hormuz is clear for shipping.
READ MORE: Wall Street rebounds after recent selloff with ME conflict in focus
About 15 minutes into trading, the Dow Jones Industrial Average was up 0.4 percent at 46,521.07.
The broad-based S&P 500 gained 0.5 percent to 6,561.12, while the tech-rich Nasdaq Composite Index advanced 0.8 percent to 21,759.93.
“What the market is telling us right now: it’s done going down for the moment. And that could change tomorrow,” said Adam Sarhan of 50 Park Investments.
“But for now, it’s time to bounce.”
US private sector payrolls grew by 62,000 in March, according to payroll firm ADP.
US retail sales rose by 0.6 percent in February, topping expectations.
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