Oil tumbles and stocks rise on US plan to end the Iran war

NYSE

• US stocks rose and oil prices slid on reports that a US-crafted ceasefire proposal was sent to Iran.
• The proposed ceasefire deal includes securing shipping flows through the Strait of Hormuz.
• State media reported that Iran rejected the deal and outlined their demands for a peace agreement.

Investors cheered reports of a US peace plan to end the Iran war on Wednesday, with stocks rallying and oil prices dropping.

The market pared back dramatic moves...