US stock markets bounced back on Thursday, led by strong gains in chip stocks as investor sentiment improved following progress on a Middle East peace agreement, helping offset concerns about a more hawkish monetary policy stance under Federal Reserve Chair Kevin Warsh.
At 09:36 a.m. ET, the Dow Jones Industrial Average rose 357.37 points, or 0.70%, to 51,853.59, the S&P 500 gained 62.05 points, or 0.84%, to 7,482.15 and the Nasdaq Composite gained 225.57 points, or 0.87%, to 26,247.23.
Traders welcomed signs of easing geopolitical tensions after the US and Iran released the text of a signed interim agreement that extends the April ceasefire by another 60 days to allow the two sides to reach a final deal.
Intel emerged as one of the biggest gainers on Wall Street, with its shares jumping nearly 10%. The rally followed comments from US President Donald Trump, who said Apple had agreed to collaborate with the chipmaker on the design and manufacturing of chips within the United States.
