NEW YORK – Crude oil prices are sinking, and stock markets are bursting higher worldwide with hopes that the United States and Iran are nearing a deal to allow ships to once again deliver crude from the Persian Gulf. The S&P 500 climbed 0.6% early Wednesday and was heading for another record. The Dow Jones Industrial Average rose 512 points, and the Nasdaq composite rose 0.6%. Stock markets abroad had even bigger gains. Brent crude sank 5.9%. AMD soared after joining the lengthening list of companies reporting better-than-expected profits. CEO Lisa Su said the chip company benefited from continued growth from artificial-intelligence technology.
Markets on Wall Street soared overnight and U.S. crude prices plunged 13% after China’s foreign minister on Wednesday called for a comprehensive ceasefire in the Iran war, the latest spark of optimism that the two-month war could end soon.
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