Markets Rally on Middle East Hopes as Oil Dives and Yields Dip

U.S. stocks rallied as optimism over a potential Middle East peace deal boosted the Nasdaq 1.5% (its 13th straight gain) and sent the S&P 500 up 1.2%, with the Dow jumping about 869 points to near a correction-free close and the week ending at record closing highs. Oil slid roughly 9.4% to about $82.59 a barrel as tensions eased and Hormuz chatter faded, while the 2-year Treasury yield slipped toward 3.7% and the 10-year yield hovered near 4.2%, fueling expectations of a possible rate cut as earnings season kicks off with banks and Netflix.