Financial Wire

US Equity Indexes Soar, Crude Oil Sinks Amid Hopes Iran Peace Talks May Resume This Week

-- US equity indexes traded higher ahead of Tuesday's close as optimism over the resumption of Iran peace talks sent crude oil futures sharply lower, and after mega-cap banks reported quarterly earnings.

The Nasdaq Composite jumped 1.7% to 23,578.7, the S&P 500 climbed 1% to 6,952.9, and the Dow Jones Industrial Average advanced 0.5% to 48,456.4.

Talks to end the Iran war could resume in Pakistan over the next two days, US President Donald Trump said on Tuesday, after the collapse of weekend negotiations prompted Washington to impose a blockade on Iranian ports, Reuters reported.

Gulf, Pakistani, and Iranian officials said the US and Iran's negotiating teams could return to Pakistan later this week, according to the news report. Still, one senior Iranian source said no date had been set, the report added.

West Texas Intermediate crude oil futures sank 7.4% to $91.65, and Brent crude futures slumped 4.4% to $94.92.

Most US Treasury yields fell, with the 10-year down 2.3 basis points to 4.27% and the two-year retreating 1.5 basis points to 3.78%.

In company news, Citigroup (C) and BlackRock (BLK) reported Q1 earnings and revenue growth above market expectations. JPMorgan Chase (JPM) also delivered a better-than-expected quarter.

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