A rally in technology giants sent stocks to their best day since early August, with the market also gaining as oil prices sank on hopes for diplomatic efforts to end the war in Iran.
The rise in equities sent the S&P 500 up 1.5%. Chipmakers surged as early signs of success for Meta Platforms Inc.'s AI agent sparked enthusiasm about the industry. The social-media firm jumped 11%. Advanced Micro Devices Inc. topped $1 trillion. The Nasdaq 100 rose 2.8%. Brent crude settled around $100. Treasury 10-year yields fell below 5%. Bitcoin surpassed $86,000.
"With economic growth resilient and earnings still robust, we believe investors should remain positioned for market upside," said Ulrike Hoffmann-Burchardi at UBS Chief Investment Office. "Exposure to transformational innovation could be a key differentiator in long-term equity performance."
Traders also kept a close eye on the latest geopolitical developments. President Donald Trump told Fox News he'd "probably" be open to meeting his Iranian counterpart, Masoud Pezeshkian, on the sidelines of the UN General Assembly.
"Signs of diplomacy could ease oil prices and inflation fears, while further escalation or disruptions to regional exports could send crude higher, pressure consumers and complicate the Fed's next move," said Jay Woods at Freedom Capital Markets.
Wall Street is also gearing up for this week's summit between Trump and Chinese President Xi Jinping, with officials offering upbeat assessments of their talks on AI, trade and investment.
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