The S&P 500 rose 0.7% and added to its leap from the day before, which was its best since last spring. The Dow Jones Industrial Average climbed 224 points or 0.5% and the Nasdaq composite rallied 1.2%.

Wall Street's optimism surged Tuesday on Iran's president's signals of willingness to end the war if conditions like aggression guarantees are met, easing fears of prolonged conflict blocking Persian Gulf oil and gas supplies, which could spike inflation. However, hope quickly flipped to doubt, causing wild market swings since the war began; Trump's ceasefire claims were swiftly denied by Iran, whose strikes hit an oil tanker and Kuwait's airport amid ongoing Tehran bombings.

Iran maintains control of the Strait of Hormuz, vital for one-fifth of global oil trade. Capital Economics warns that war effects may linger even if it ends soon, though improving sentiment could drive further market recovery. Trump is set to address the nation Wednesday evening.

Oil prices fell back toward $100 per barrel after President Donald Trump said late Tuesday that the U.S. military could end its offensive in two to three weeks. Oil prices also remain high, even if they’ve eased recently. The price for a barrel of Brent crude oil, the international standard, was sitting around $101 following its declines, which is still up from roughly $70 before the war began. U.S. gasoline prices rose again overnight to a national average of $4.06 per gallon, according to the auto club AAA.

On Wall Street, three out of every five stocks within the S&P 500 rose as Big Tech powered the move higher. Gains of 3.4% for Alphabet and 0.8% for Nvidia were two of the strongest forces lifting the S&P 500. Eli Lilly rallied 3.8% after U.S. regulators approved its GLP-1 pill for weight loss. Such gains have pulled the S&P 500 which sits at the heart of many 401(k) accounts, back to within 5.8% of its all-time high set early this year. Nike sank 15.5% even though it reported a stronger profit for the latest quarter than expected. Oil companies also fell with the price of crude. Exxon Mobil slumped 5.2% and Chevron dropped 4.6%.

In stock markets abroad, indexes leaped more than 2% in France and Germany. Asian markets had even bigger gains. Tokyo’s Nikkei 225 jumped 5.2% after a survey showed business sentiment for major Japanese manufacturers improved despite worries about the Iran war.

In the bond market, Treasury yields held relatively steady after a report said U.S. retailers made more money in February than economists expected. A separate report said U.S. manufacturing growth last month was slightly faster than economists expected. The 10-year Treasury yield rose to 4.32% from 4.30% late Tuesday.