The major averages rose sharply as the price of oil plummeted again as investors cheer a possible ceasefire deal between Israel and Iran. The Dow Jones Industrial Average

 climbed 507.24 points, or 1.19%. The S&P 500 67 points or 1.1%, less than a percent from all time highs while the Nasdaq Composite advanced 281 points or 1.43%, settling at 19,912.53.

Oil prices were sharply lower for a second straight day. U.S. crude oil

 settled 6% lower, while international benchmark Brent dropped 6.1%. A day earlier, U.S. crude oil fell more than 7% bringing the two-day loss to 13%.

It was a risk on day with tech and the chips performing well. Micron rose 4% ahead of earnings tomorrow. Broadcom was up nearly 4% while Nvidia rose 2.5%. Chip equipment makers, Applied Materials and Lam Research were both up over 4%.

The 10-year Treasury yield was down 3.1 basis points to 4.29%, the 2-year yield lost 1.4 basis points to 3.81%. The 30-year shed 2.7 basis points to close at 4.83%. The Federal Reserve Chairman Jerome Powell spoke in front of House Financial Services Committee. Powell signaled that the central bank is in no rush to cut interest rates and will wait to see how Trump’s tariffs impact the economy.

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